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Expert seeks legal framework for Executive Orders

Mazi Okechukwu Unegbu, lawyer, arbitrator and stockbroker has impressed on the federal government the need to put proper legal framework in place to make the Executive Orders more effective.
Unegbu said this appeal becomes necessary in view of the federal government avowed commitment towards driving the economy.
Acting President, Mr. Yemi Osinbajo, had last month signed three executive orders with the potential to significantly change some of the ways government business and operations are conducted in the country.
The executive orders also stipulate sanctions and punitive measures for violations. The three orders signed by Mr. Osinbajo provide specific instructions on a number of policy issues affecting the ease of doing business in the country, support for local content in public procurement by the federal government, and timely submission of annual budgetary estimates by all government agencies, including companies owned by the Federal Government.
While scoring the government high for coming up with the idea of the Executive Orders, particularly in the area of Ease of Doing Business in Nigeria, Unegbu said he would rather, “The government should go further by making it a law because if you make it a law, you can make a case in the court of law if there is a breach.”
Unegbu, while lauding the federal government efforts at addressing the challenges besetting the economy, regretted that foreign direct investment had been declining, a development, he stressed can be mitigated by proper policy initiatives.
Citing the challenges confronting small businesses, who also doubles as Managing Director/Chief Executive, Maxifund Investments and Securities Plc, observed that: “SMEs are being killed by the day not out of their own making but because those who are in charge of government agencies responsible for SMEs in terms of licensing and what have you, are still doing it as if they are living in a booming economy.
“In an economy that is in recession, how you manage such things would be to attach what we call a human face to your regulation. What they are doing now is applying the regulation without a human face. For instance, if a business is incorporated with N10million and you now loss about N1million because of the downturn of the economy and now the regulator now say if you don’t bring the N1million they are going to close your shop, that is a wrong way of managing business in an economy.”

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