• Senate OKs EFCC to keep 2% of recovered loot

    Senate OKs EFCC to keep 2% of recovered loot

    The Nigerian Senate, yesterday indicated that the Economic and Financial Crimes Commission, EFCC, would be empowered to keep two percent of recovered loots as soon as the amendment of the Act which set it up was completed.

    Senator Chukwuka Utazi, Chairman, Senate Committee on Anti-Corruption, who led other members of the committee to Enugu State Speaking during a nationwide visit to offices of government agencies handling corruption-related cases, said the bill for an act to amend EFCC laws will be passed […]

  • Senate to deal with government agencies violating procurement laws, says Saraki

    Senate to deal with government agencies violating procurement laws, says Saraki

    Senate President, Dr. Abubakar Bukola Saraki has threatened that the Senate will take up the case against any ministry, department or agency of government which is violating the Public Procurement law which  compels them to give preference to locally produced goods in Nigeria.

    He also charged Senate Committee Chairmen to ensure that in the course of their oversight duties that MDAs comply with the provision of the law on patronage of local manufacturers   as he also urged all military and para-military […]

  • Senate’ll pass laws to end recession, says Saraki

    Senate’ll pass laws to end recession, says Saraki

    According to reports, the Senate is committed to passing laws that will help end the country’s worst economic recession in decades by attracting private investment in roads, rail and the ports.

    The Senate President, Dr. Bukola Saraki, said this in an interview with Bloomberg at his residence in Abuja on Friday.

    “We have 11 bills that we have identified as bills that we need to pass to get the economy up and running. We are looking at how the private sector can […]

  • Economic emergency laws in history

    Economic emergency laws in history

    President Shehu Shagari, in the second republic, declared economic recession, unfolding measure  to address the situation.

    The measures, approved by parliament, were  tagged, “Economic Stabilization (Temporary Provisional) Act 1982”.

    HIGHLIGHTS

    -Foreign exchange control to reduce Basic Travel Allowance (BTA) from N800 to N500 per person of the age of 16 and above per annum, with no allowance for children under 16.

    -Hajj forex subsidy: The government pegged the number of pilgrims permitted to perform the hajj in 1982 to a maximum of 50,000, with […]