As a matter of necessity, the executive arm of the Nigerian Government has sought a way to tackle the poor economy. They request for a Buhari-Emergency Powers to transform the Nigerian economy.
An economic team headed by the Nigerian Vice President, Yemi Osinbajo made a proposal to the House Of Assembly to grant emergency powers to the president.
The team looked into all the existing economic policies, compared them with the current state of the Nigerian economy and subsequently came up with possible ways that the economy can be improved.
It appears that the derived set of economic plans will require “emergency powers”. This implies that the executive seeks the official permit of the legislature in administering these economic plans.
According to reports the supposed action-plan will require the adjustment of already functional economic policies; as well as the setting aside of the extant ones.
The Nation reports that the requested Buhari-Emergency Powers will help in the following economic plans:
- Curtailing the procurement process in order to ease stimulus spending on critical sectors of the economy.
- Making orders to encourage the contracting of awards to local contractors/suppliers.
- Abridging the process of sale or lease of government assets for revenue generation.
- Allowing the transfer of allocations to urgent projects, without going back to the National Assembly.
- Amendment of the Universal Basic Education Commission (UBEC) Act; that is, to ease the accessibility of funds for states whose cash are trapped in the accounts of the commission.
- Embarking on radical reforms in visa issuance at Nigeria’s consular offices and on arrival in the country and to compel some agencies of government like the Corporate Affairs Commission (CAC), the National Agency for Foods Administration and Control (NAFDAC) and others to improve on their turn around operation time for the benefit of business.
Granting the proposed Buhari-Emergency Powers might particularly not be granted as soon as expected. At the moment the Nigerian populace has not seen the benefits of the single treasury account.
In any case, the economic team hopes that the Buhari-Emergency Powers will address policies that can help improve the naira value; job creation; boosting of foreign reserves and the revival of the manufacturing sector.
The above adjustments were specifically chosen because they have potentials to turn the economy around.
The bill for the emergency economic adjustment will be presented to the Nigerian legislature on September 12 after their vacation. Only then will we know the way forward with the proposed economic-revamp policies.