The Chairman, United Bank for Africa
Plc, Mr. Tony Elumelu, has called on the National Assembly to pass
progressive bills that will impact positively on the economy, following
Nigeria’s exit from recession...
Elumelu, who is also the chairman of
Heirs Holding Limited, made the call in Abuja shortly after he was
conferred with the Fellowship of the Nigerian Economic Society at the
58th annual conference of the society.
He was honoured alongside the Emir of Kano, Muhammadu Sanusi II, and Prof. Essien Okoh of the University of Benin.
Elumelu noted that there were a lot of policies that needed legislative approval to unlock the potential of the economy.
He cited the creation of the Asset
Management Corporation of Nigeria through legislation as an example of
what good legislation could do.
He said, “We need the system to work by itself. We need to hold the National Assembly accountable.
“We need to encourage the National
Assembly and hold them accountable. We need the National Assembly to
help us pass progressive bills to help our country.”
Elumelu also urged the Nigerian Economic
Society to come, with recommendations to the government that would help
reposition the economy on the path of recovery.
Also speaking at the event, Sanusi said
certain decisions, which had been taken in the past, were still having
adverse consequences on the economy.
For instance, he stated that the
constitutional provisions that made it mandatory for each state to have a
minister, as well as a certain number of legislative seats at the
federal, states and local governments, were not necessary.
According to the emir, this political
structure comes with huge financial burden, and this is why the
government had huge amounts as overhead expenses.
He said if the government did not
address some of the social and political issues, the country was not
likely to experience the growth it desired.
The former CBN governor also advocated
for states to tap into their resources to deepen their economies rather
than rely on the Federal Government for monthly allocations.
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