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As the All Progressives Congress (APC)-led administration clocks two years in office, the Senate has passed only three out of the 11 high priority economic recovery bills, BusinessDay has learnt.
This represents 27percent of the proposals currently before the upper legislative chamber.
They are: the Petroleum Industry Governance Bill, Nigerian Ports and Harbours Authority Act (Amendment) Bill and Warehouse Receipts Bill.
Nigeria stands to gain 7.5million jobs and reduction of poverty by 16.4percent if all the 11 high priority economic recovery bills currently before the National Assembly are passed into law.
The country is currently battling to exit its worst economic recession in three decades.
Although the Senate had assured that all the bills, which would help revive the economy would be passed alongside the 2017 budget, the legislative body failed to do so, as only a handful of the bills have been passed.
The 11 high priority economic recovery bills include: the Petroleum Industry Governance Bill; National Development Bank of Nigeria Bill; National Road Fund Act (Amendment) bill; Federal Roads Authority Act (Amendment) bill and National Transport Commission (Establishment) Bill.
Others are: Nigerian Ports and Harbours Authority Act (Amendment) Bill; Warehouse Receipts Act (Amendment) Bill; Companies and Allied Matters Act (CAMA) (Amendment) Bill; Investment and Securities Act (ISA); Customs and Excise Management Act and Federal Competition Bill.
However, only three of the bills have been passed by the Eighth Senate so far. They are: the Petroleum Industry Governance Bill, Nigerian Ports and Harbours Authority Act (Amendment) Bill and Warehouse Receipts Bill, while the Nigerian Customs Service Management Act (Repeal and Re-enactment) Bill is on the verge of being passed. The others are at different stages of consideration and passage.
Experts say the 11 priority economic reform bills, if passed into law, will help create 7.5million jobs and reduce poverty by 16.4 percent.
Speaking with BusinessDay after the passage of the PIGB by the Senate last week, Bassey Akpan, Chairman Senate Committee on Gas said Nigeria could attract investments worth over $30billion in the next three years, with the passage of the Petroleum Industry Governance Bill (PIGB).
“PIGB could attract a minimum of $30billion investment to Nigeria in the next three years,” he said.
Akpan disclosed that Nigeria has not attracted investment in the oil and gas industry in the last ten years, due to uncertainty.
Last year, the National Assembly Business Environment Roundtable (NASSBER) reviewed 54 acts and 50 bills pending before the National Assembly, and rated them in order of priority, to help the legislature focus more on areas that require urgent intervention.
Other critical bills that have been passed by the Senate, as recommended by NASSBER include: Agriculture Credit Guarantee Scheme Act (Amendment) Bill, Electronic Transaction Bill, Credit Bureau Reporting Bill, Public Procurement (Est. etc.) Act 2004 (Amendment) Bill, Electronic Transactions Bill and Secured Transactions in Movable Assets Bill.
The team of experts categorised 11 of the bills for urgent passage as economic bills, which it said would improve Nigeria’s ranking in the Ease of Doing Business report.
Nigeria ranks 169 out of 189 countries in the World Bank’s Doing Business 2017 ranking report.
In an interview with BusinessDay, Aliyu Sabi Abdullahi, Senate Spokesperson, explained that the National Assembly Business Environment Roundtable recommended 54 economic bills for either amendment or repeal, as well as 50 other bills for passage.
Abdullahi said of the 54 bills, 11 were categorised as ‘high priority’ adding that other bills not considered as high priority have been passed by parliament.
“Some of the bills have already been passed because they have to do with credit, electronic payment systems. Already, we are taking some of the economic bills concurrently. At the end of the day, perhaps, what we will do is after we pass the bill, we will take stock and see out of the economic bills, which one has been passed and which is still outstanding,” he said.
As the present administration clocks two years in office, the readiness of the Eighth Senate in supporting the government in its anti-corruption campaign has come under scrutiny.
Some analysts have attributed the delay in the passage of anti-corruption laws to the fact that a number of senators, including the Senate President, Bukola Saraki, are currently under judicial scrutiny.
Recently, Abubakar Malami (SAN), the Attorney-General of the Federation and Minister of Justice, said President Muhammadu Buhari was not comfortable with the fact that the National Assembly was foot-dragging in passing executive bills that would assist his administration’s ongoing anti-corruption campaign.
Malami listed the bills as including the Criminal and Mutual Assistance Bill and Whistle Blower Bill.
In an interview with BusinessDay, David Umaru, Chairman Senate Committee on Judiciary, Human Rights and Legal Matters, insisted that the Legislature is not a rubber stamp of the Executive arm of government.
Umaru, whose panel is saddled with the responsibility of scrutinising the bills, explained that the eighth Senate is taking its time to ensure that it passes bills that would stand the test of time.
“I do not expect the AGF to think that when he brings a bill to the parliament today, tomorrow he gets the law. The laws we make here are laws for all Nigerians not for the Executive or the Legislature alone.
“This is why the people must get what they fully deserve. Our laws must meet international standards. Therefore, international best practices must be observed in law making.
“Every Anti-Corruption Bill before the National Assembly is being worked on. They are all receiving adequate attention. We are determined to support the Executive in this lofty goal of fighting corruption,” he said.
OWEDE AGBAJILEKE, Abuja
