- FG Sets Up 46-Man C’ttee To Review Obsolete Laws
Nigeria’s public debt profile under President Bola Ahmed Tinubu has increased to N134.3 trillion at the end of June 2024 amid an infrastructural deficit in the country.
This was according to a document from the Ministry of Finance, made available to newsmen, yesterday.
The figure is a 10.35 percent increase from the N121.7 trillion recorded in the first quarter.
The Nigerian government said the increase in the country’s debt stock is mainly driven by the devaluation of the naira, highlighting ongoing challenges related to exchange rate volatility. The document read: “In Q2 2024, the debt stock grew in naira terms to N134.3 trillion ($91.3 billion) from N121.7 trillion ($91.5 billion) in Q1 2024, driven mainly by exchange rate devaluation. The dollar amount of debt was roughly the same.”
Recall that the Debt Management Office (DMO) announced in June 2024 that Nigeria’s foreign and domestic debt stood at N121.67 trillion.
The development comes despite a growing infrastructural deficit across Nigeria, as citizens grapple with poor road networks. Also note that economic experts had raised the alarm that the country’s persistently rising debt profile portends doom for Africa’s most populous country.
…FG Sets Up 46-Man Committee To Review Obsolete Laws
Meanwhile, the Federal Government, yesterday, inaugurated a 46-man committee which it charged with the responsibility of identifying and reviewing all the outdated laws in the country.
The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), who constituted the committee comprising retired judges, Senior Advocates of Nigeria, as well as top officials of both the Nigeria Law Reform Commission and the Federal Ministry of Justice, said they have a timeframe of six months to complete the national assignment.
He described the task as a part of ongoing efforts of the administration of President Bola Ahmed Tinubu to promote the rule of law and access to justice, in line with the policy objectives of enabling socio-economic growth and advancing legal reforms.
He said: “I would like to inform you all that this is a project which is particularly dear to my heart, and I have always been concerned about our seeming inability to update the Laws of the Federation since 2004, to enable clarity, predictability, consistency and uniformity in our body of laws.
“You are all aware that the general purpose of law is to protect public interest, regulate human behaviour and interactions between corporate entities.
“The law is constantly dynamic and evolving, hence, there is need for continuous review or reform of our body of laws (corpus juris), to address contemporary socio-economic developments, resolve conflicting and obsolete provisions with the ultimate aim of improving the administration of justice and promotion of rule of law.
“As you are aware, the review, update and consolidation of the Laws of the Federation, 2004 is long overdue in order to reflect and consolidate legislative developments (inclusive of repeals, amendments and enactments) from 2004 till date, in furtherance of the law development mandate of the Federal Ministry of Justice.
“The expected key areas of focus for the Committee in the instant exercise are identification of outdated laws which are not in line with contemporary needs and values, as well as harmonization of conflicting laws, to ensure uniformity and consistency.
“This is with a view to attracting socio-economic growth and investment, promoting efficiency and adapting to technological advancements.
“Let me particularly express gratitude to the leadership of the National Assembly (NASS), the Nigeria Law Reform Commission (NLRC) and Nigerian Institute for Advanced Legal Studies (NIALS) for also supporting this initiative.
“Please be assured that the Ministry will always be available to provide institutional support and assistance where required, in order to ensure that the Committee achieves its mandate.”
The AGF added that the terms of reference of the Committee which is chaired by Mr. Olawale Fapohunda (SAN) and Co-Chaired by the Chairman of the Nigerian Law Reform Commission, Professor Jummai Audi, included, to: “Coordinate the collection, collation and compilation of LFN up to 2024.
“Work with relevant Government Agencies in harmonizing the LFN up to 2024. Cross check, edit and proof-read all the legislation to be collected, etc.
