Monday, October 26, 2020

FG presents a new bill to transform business reforms into legislation

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President Muhammadu Buhari

With the progress made by the Buhari administration in the Ease of Doing Business world ranking over the years, the Federal Government is now proposing a new bill that will solidify and institutionalize reforms in the country’s business environment.

And for this, the Presidency, through the Enabling Business Environment Secretariat (EBES), extends the deadline for the contribution of inputs and presentations for the formalization of the bill.

EBES disclosed this in a statement issued last night in Abuja. EBES is the secretariat responsible for promoting the Ease of Doing Business reforms of the Federal Government in recent years.

The secretariat said that contributions to the proposed legislation known as the Omnibus Bill on Business Facilitation will be sent to @ ebes.gov.ng. on or before October 23, 2020.

According to EBES, “the proposed Omnibus Bill on Business Facilitation is set to be a single comprehensive bill that addresses the institutionalization of various reforms within the Nigerian business climate, as well as the amendment of various other legislations that may / have caused obstacles in the business climate. “

He said, “the intention is to achieve three (3) things broadly, to institutionalize some reforms of the business climate already achieved by the Presidential Council of Enabling Business Environment (PEBEC); Amend some provisions of the current legislative framework that have been identified by stakeholders as bottlenecks for business climate reforms; and introduce new provisions that emphasize business climate reforms (for example, executive order components such as the One Government principle, Default Approval, etc.) “

The secretariat also called on members of the business and legal communities to take advantage of the window to make valuable contributions to the business facilitation bill that will serve as a tool for legislative reform to transform the business climate in the country.

He said that all submissions must “Identify the current provision that needs amendment; Please indicate your recommendation for amendment; and indicate what you hope the recommended amendment will achieve in practice. “

Let us recall that in July 2017, the Presidential Enabling Business Environment Council (PEBEC) approved the adoption of an Omnibus Bill as a legislative reform tool for business climate reform in Nigeria.

The bill is now being reopened for your review and further input because several of the provisions previously included in the draft have been addressed by the Financial Act 2019 and the Business and Allied Affairs Act (CAMA) 2020.

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