The President of the Senate, Bukola Saraki, has assured Nigerians that the National Assembly would review obsolete laws to meet current economic challenges.
This is contained in a statement by the Chief Press Secretary to the president of the Senate, Mr Sanni Onogu in Abuja on Monday.
Saraki, according to the statement, gave the assurance when a team of consultants from the Department for International Development (DFID) paid him a courtesy visit.
The statement noted that the experts had informed Saraki that 54 of the country’s existing laws should either be amended or repealed to attract investors and become business friendly.
He said the National Assembly was collaborating with the private sector, development partners, professional groups and the academia to review laws affecting business in the country.
He added that when concluded, the review would give birth to a new business environment that would boost revenue generation, solve the problem of unemployment, curb social vices and restore national values.
He said the present economic challenge confronting was an opportunity for leaders to become resourceful.
He added that the drop in oil price was a wakeup call for leaders, the private sector and other stakeholders to put measures in place for a post-oil era, while government provided the enabling environment.
Saraki further assured that the Senate and the House of Representatives would continue to support President Muhammed Buhari’s policy on diversification of economy.
He said that the legislature believed in the ingenuity, creativity, entrepreneurship of Nigerians.
The leader of the team of experts from DFID, Prof. Paul Idornigie, said they had examined 54 laws and carried out a comprehensive analysis of 50 bills pending before the two chambers of the National Assembly.
Idornigie said the analysis would help the legislature to focus on some areas that required urgent intervention.
He said the team also recommended nine bills, adding that if passed into law in the life of the 8th National Assembly, would reform the business environment.
Some of the bills are Federal Competition and Consumer Protection, Federal Roads Authority and National Inland Waterways Authority.
Others are National Roads Funds, National Transport Commission, Nigerian Ports and Harbours Authority, Nigeria Postal Commission and Nigeria Railway Authority Bills 2015.
The team also recommended establishment of a Federal Legislative Clearing House to scrutinise and review bills before they are presented to the respective legislative chambers for first reading.