Nigeria: Buhari to ask parliament for emergency powers

Nigeria: Buhari to ask parliament for emergency powers

President Muhammadu Buhari of Nigeria will be asking for extra powers from the country’s parliament to allow him to make emergency decisions to avoid Africa’s second biggest economy from plunging into recession.

The emergency economic stabilization bill is expected to give Mr Buhari the powers to amend some laws to help fast-track to improve the economy through investment opportunities, the presidency said. It would loosen visa restrictions for investors; provide them with new incentives and better plans.

Nigeria devalued its currency by 40% to attract investors and cater for foreign currency shortages.

The Boko Haram crisis in the northeast and oil militancy in the southeast has put a hole into the heart of the country’s economy. Attacks on oil pipelines led to shortfalls in production.

Buhari unseated President Goodluck Jonathan on the promises of guaranteed security and economic revival. His critics are saying his government has done enough to end the country’s rapid declining economy and help create jobs.

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