Professor Yemi Osibanjo |
In a nutshell, the bill,
which is expected to be in the NASS as soon as members resume from their
recess, seeks to: speed up the procurement process and raise mobilisation fees
to contractors to 50% from the current 15% (thus ensuring that local
contractors are favoured) and abridge the process of sale/lease of governments
in order to raise revenue.
Others are, to allow
virement, (the reallocation of funds to projects in the budget) by the
Executive without the approval of the Legislature as the Constitution demands;
amending some laws, for example, the Universal Basic Education Commission
(UBEC) law to allow states that do not qualify to access their share of the UBE
funds to enhance the education sector; speeding up the process of obtaining the
Nigerian visa and compel crucial agencies like National Agency for Food and
Drugs Administration and Control (NAFDAC) and the Corporate Affairs Commission
(CAC) to improve our poor doing business rating.
Some stakeholders in the
economy, especially the organised private sector, have eagerly supported this
proposal, obviously because fifteen months after assuming power, the Buhari
regime has finally come out with the intention to do something radical to address
an economy that bleeds on all fronts while the regime makes excuses by blaming
its predecessors. The mass poverty from unpaid salaries, massive loss of jobs
and flight of foreign capital and companies to more profitable grounds, mainly
as a result of Buhari’s policies, have recently forced Nobel Laureate, Professor Wole Soyinka; former CBN
Governors, Professor Charles Soludo
and Emir Sanusi Lamido Sanusi as
well as Cardinal Olubunmi Okogie, to
voice out their concerns over the terrible economic situation.
It is our candid view that what is required to
fix the economy is not a fallback to draconian laws that grease the wheels of
impunity and corruption, but imaginative thinking and all-inclusive leadership.
Nigeria’s President has enough powers in the constitution to do his work. All
he needs is to engage actively with all stakeholders, particularly the National
Assembly and other non-state actors, to get rid of bottlenecks to economic
recovery. The President needs the collaboration of all sectors to succeed. That
is the hallmark and beauty of democratic governance. Apart from more abandoned
projects which the 50% mobilisation could create, it will also enhance
large-scale corruption since politicians and influential people within the
ruling party will be the primary beneficiaries of contracts.
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