Olisa Agbakoba

Former Nigerian Bar Association (NBA) president, Dr Olisa Agbakoba (SAN), yesterday proposed two new laws to help get Nigeria out of recession.

He urged President Muhammadu Buhari to forward to the National Assembly a Reinvestment and Recovery Bill and an Emergency Economic Stabilization Bill.

According to him, the bills would help stimulate the economy and bail out the ailing financial system when passed into law and implemented.

He further urged Federal Government to do an inventory of its financial requirements to determine what it needs and where to put the money.

In a statement, Agbakoba said: “I have followed with interest the debate on the propriety or otherwise of Federal Government’s proposed sale of national assets to deal with the recession. I will not make any comment on the propriety of the proposed sale.

“However, I am of the view that the Federal Government needs to do two things: first, an inventory of financial requirements – how much money do we need? Second, an inventory of need – Where do we put the money? Findings from these inventories will provide a guide for government.

“I will also recommend President Obama’s approach to the American recession. President Buhari should propose to the National Assembly a Reinvestment and Recovery Bill and an Emergency Economic Stabilisation Bill to stimulate the economy and bail out the ailing financial system.”

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