Bill to De-toxify Business Landscape Scales Second Reading in Senate

James Emejo in Abuja

The Business Facilitation (Miscellaneous Provision) Bill 2022, also known as the “Omnibus Bill” has passed the second reading in the Senate.

The bill is an intervention of the Presidential Enabling Business Environment Council (PEBEC) aimed at consolidating and amending outdated legislative provisions toward removing bottlenecks for micro, small and medium enterprises.

The Special Adviser to the President on PEBEC, Dr. Jumoke Oduwole, while expressing satisfaction over the development in a statement made available to THISDAY, said when passed into law, the regulation will ensure the sustainability of business climate and give statutory force to Executive Order 001 of 2017 on the promotion of Transparency and Efficiency in the Business.

The Federal Executive Council (FEC) approved the bill on March 23, 2022, which was a culmination of four years of collaborative work by public and private sector stakeholders in the legal community anchored by the PEBEC through a sub-committee led by the Attorney General of the Federation (AGF).

In the same vein, Managing Director/Chief Executive, Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, has expressed satisfaction over Buhari’s concrete steps taken to ensure that the administration of the country’s Free Trade Zone aligned more with the global rules and regulations guiding the scheme.

Responding to the Business Facilitation (Miscellaneous Provision) Bill 2022 that passed Senate’s second reading, Adesugba said that the development was long-awaited, adding that the president’s action simply ensured that the scheme was administered according to global rules and regulations guiding the operation of free trade zones.