Recession: N’Assembly Ready With 8 Bills for President’s Assent

Hamilton Nwosa
Writer

Ad

Global CEOs, Top Diplomats, Ministers, Governors, Industry leaders gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas, Minerals, Maritime Opportunities

By Abiola Olawale Following the official opening of the 80th Session of the United Nations General Assembly (UNGA80), New York, USA, high-level delegations from over a dozen countries, including global CEOs, top diplomats, ministers, governors, industry leaders will gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas,…

Charted: Populations of China, India, U.S., and Europe (1950–2100)

Key Takeaways India is projected to remain the world’s most populous country through 2100, stabilizing around 1.5 billion people. China’s population is expected to fall by more than half, from 1.4 billion to 0.6 billion. Europe’s population will decline steadily, while the U.S. population grows gradually to 420 million. As global demographics continue to shift,…

Elon Musk drops to second place as AI boom powers Oracle’s Larry Ellison to world’s richest status

By Obinna Uballa Elon Musk has lost his long-held crown as the world’s richest person to Oracle co-founder Larry Ellison, following a record-breaking surge in Ellison’s net worth. According to Bloomberg’s Billionaire Index, Ellison’s fortune jumped by an unprecedented $101 billion on Tuesday night to reach $393 billion, surpassing Musk’s $385 billion. The windfall came…

Ad

The Senate of the National Assembly has passed eight Bills received from the House of Representatives for concurrence. The Bills, which are aimed at strengthening the laws of the Federal Republic, were considered and passed in a single sitting of the Senate – demonstrating commitment to employing all legislative mechanisms at its disposal to end the current economic recession in the country.

The Bills that will be presented to the President soon include the Telecommunication and Postal Offences Act (Amendment) Bill, National Crop Varieties, Livestock Breeds (Registration) Act (Amendment) Bill, Produce (Enforcement of Export Standards) Act (Amendment) Bill, Prevention of Crimes Act (Amendment) Bill, Water Resources Act (Amendment) Bill, National Agricultural Land Development Authority Act (Amendment) Bill, Bee (Import Control and Management) Act (Amendment) Bill and Agricultural and Rural Management Training Act (Amendment) Bill.

The Senate President, Dr. Abubakar Bukola Saraki, speaking through his Special Adviser on Media and Publicity, Mr. Yusuph Olaniyonu, emphasised the importance of the Bills in ending Nigeria’s economic contraction and stated that the Bills will be promptly forwarded to President Muhammadu Buhari for his signature.

“By now it is clear that the Senators take Nigeria’ economic situation very seriously,” he said, “If you recall, one of the points from the 21-point resolution passed by the Senate on the economy stated that it would fast-track all economic related bills. What this Senate has done is match its words with its actions.”

The 8 Bills, which are all primarily amendments to existing laws, are aimed at strengthening the enforcement mechanisms in sectors of the economy that can help boost Internally Generated Revenue.

Important highlights of the Bills include the amendment to the Telecommunication and Postal Offences Act, which is aimed at increasing some of the prescribed penalties, fines and compensations for non-compliance with the Act. This is intended to help boost investment and participation in the telecommunications sector.

Additionally, the National Crop Varieties, Livestock Breeds (Registration) Act (Amendment) Bill, Produce (Enforcement of Export Standards) Act (Amendment) Bill, National Agricultural Land Development Authority Act (Amendment) Bill, Bee (Import Control and Management) Act (Amendment) Bill, and the Agricultural and Rural Management Training Act (Amendment) Bill are all aimed at bolstering the standards in Nigeria’s Agricultural sector to help the country achieve more economic diversification.

Meanwhile, the Senate President, who is the Chairman of the National Assembly, has stated that the 8 Bills will be promptly forwarded to the President for assent.

“Moving forward, Nigerians can expect that the legislature will adopt a united and efficient approach to getting Nigeria’s economy back on track,” Saraki stated, “We will quickly forward these 8 Bills, which have been passed by both Houses of the National Assembly to the President. This is only a first step and we will continue to work to ensure that at the end of our tenure, Nigerians will see that this is a people-centred National Assembly.”

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp