• Contact Us
  • About Us
Saturday, September 30, 2023
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

Osinbajo withholds assent to 4bills, writes N/Assembly

metro by metro
February 22, 2017
in Economy
0
Senate
0
SHARES
0
VIEWS
Acting President Yemi Osinbajo has withheld his assent to four bills recently passed by the National Assembly, the first time since the present administration took the mantle of leadership on May 29, 2015.
The development comes few days after the Acting President signed seven bills into law.
In four separate letters read by Senate President Bukola Saraki at Wednesday plenary, Osinbajo listed the bills to include: Currency Conversion (Freezing Orders) (Amendment) Bill, National Lottery (Amendment) Bill, Dangerous Drugs (Amendment) Bill and Agricultural Credit and Guarantee Scheme (Amendment) Bill.
The Acting President said he based his action on ‘concerns regarding words and phrases, and the spirit behind the amendment’ as well as ‘existence of pending legal issue’.
Osinbajo said his decision to withhold assent to the four bills was in line with Section 58(4) of the 1999 Constitution (as amended).
The aspect of the law, which dwells on Mode of Exercising Federal Legislative Power, states that: “Where a bill is presented to the President for assent he shall within 30 days thereof signify that he assents or that he withholds assent”.
But relying on Section 58(5) of the Constitution, George Sekibo insisted that the National Assembly can override the president’s veto.
The section states: “Where the President withholds his assent and the bill is again passed by each House by two-thirds majority, the bill shall become law and the assent of the President shall not be required”.
The Currency Conversion (Freezing Orders) (Amendment) Bill whittles down the powers of the President to order forfeiture of assets and transfer such powers to a High Court judge.
The law came into existence as a Decree on 27th March, 1971.
However, Osinbajo said he is withholding his assent to the bill due to concern regarding modalities for the communication of asset forfeiture orders.
The Acting President also explained that the National Lottery Amendment Bill was rejected because there was a pending legal case in court which challenged the competence of the National Assembly to legislate on the matter.
He wrote: “The rationale for withholding assent to the Lottery amendment bill is the existence of pending legal challenge to the competence of the National Assembly to legislate on the subject matter.”
The National Assembly had in amending the Lottery Act transferred the power to grant licence to lottery operators from States to the Federal Government to boost federal revenue.
But raising a Point of Order, Dino Melaye, sponsor of the National Lottery Bill, insisted that the executive must respect the principle of separation of powers.
He said the role of the Executive is to assent to any law passed by the National Assembly, adding that aggrieved citizens can seek legal redress later.
Ruling on the matter, Senate President Bukola Saraki referred it to the Legal Department of the National Assembly for advice and interpretation.
Despite withholding his assent to the bills, BusinessDay gathered that lawmakers can take advantage of Section 58(5) of the Constitution to override the President’s veto.
The section states that: “Where the President withholds his assent and the bill is again passed by each House by two-thirds majority, the bill shall become law and the assent of the President shall not be required”.
By implication, 240 lawmakers are needed in the House of Representatives to override the President’s veto, as against 73 in the Senate.

Read Also

Hardship Making Nigerians To Lose Faith In Government

Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation

More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others

Previous Post

FG approves revised national policy on environment, awards $39.9m Cameroon-Nigeria border link bridge

Next Post

Nigeria’s new FX rules sow confusion for investors and traders-Reuters

Related Posts

Hardship Making Nigerians To Lose Faith In Government
Economy

Hardship Making Nigerians To Lose Faith In Government

September 26, 2023
Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation
Economy

Cardoso Assumes Office As CBN Governor, Bank Confirms Emefiele’s Resignation

September 22, 2023
More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others
Economy

More Worries For Economy As Exchange Rate Nears N1000/$, CBN Leadership Crisis Deepens, Others

September 21, 2023
Hope Brightens For Nigeria’s Revenue As CIT Collection Surges By 226% In Q2, 2023
Economy

Hope Brightens For Nigeria’s Revenue As CIT Collection Surges By 226% In Q2, 2023

September 4, 2023
Next Post

Nigeria's new FX rules sow confusion for investors and traders-Reuters

UAE’s Brightest Minds to Enter Bybit’s Crypto Hackathon in UAE

September 29, 2023

Bybit and Max Verstappen Extend Grand Prix Triumph with Unforgettable Fan Celebration in Japan

September 29, 2023

Ethiopian Delegation to AFSIC – Investing in Africa 2023 Ethiopia – “The New Frontier Market, Opening Doors and Creating Opportunities”

September 28, 2023
ADVERTISEMENT
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version