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Students back Buhari's request for emergency powers

24 August 2016, 12:06

Lagos - The National Association of Nigerian Students (NANS) has expressed support to President Muhammadu Buhari’s Emergency Economic Stabilization Bill, granting him emergency powers to push his planned revival of the economy.

Obi Pedro, NANS Coordinator, called on the National Assembly to take swift action on the bill immediately they resume session on Monday.

Pedro said the bill would revive the rapidly recessing economy hence members to close rank irrespective of political affiliation and get the bill passed into law for the overall interest of the country.

“We also call on all well-meaning Nigerians to support the “Emergency Economic Stabilization Bill 2016” by sensitizing and fully explaining the positive implications of the bill to the Nigerian populace and discourage every jittery and apprehension of the intent of the President of the Federal Republic of Nigeria.”

The Emergency Economic Stabilisation Bill 2016 would give Buhari powers to set aside some current laws and use executive orders to roll out an economic recovery package within the next year.

As part of the stimulus, the president wants to reduce the procurement process to support spending on critical sectors of the economy, favour local contractors/suppliers in contract awards and cut the process of sale or lease of government assets to generate revenue among other aims.

It would grant Buhari powers to allow for budgetary allocation to urgent projects without going back to the National Assembly, amend certain laws to allow those states who cannot access cash for education trapped in accounts and embark on significant reforms in visa issuances at Nigeria’s consular offices and on arrival in the country.

Pedro noted the International Monetary Fund (IMF) had  predicted the looming recession on the economy if action was not taken.

“The response of His Excellency, President Muhamadu Buhari is awesome following the inauguration of the Economic Team, which we have demanded in time past.”

- CAJ News


CBN bars 9 banks from forex market

24 August 2016, 12:11

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