The Presidency has debunked reports in the media that Buhari is seeking emergency powers

It, however, stated that the economic management team was considering several measures to urgently reform the economy, but is yet to communicate the measures to the President.

This was contained in a statement issued on Monday night by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, who added that those measures had also not been passed to the Federal Executive Council, FEC, and the National Assembly.

Reports had stated the President would be seeking emergency powers from the National Assembly to get the economy out of recession, shore up the value of the naira, create more jobs, boost foreign reserves, improve power and revive the manufacturing sector. It added that the decision was based on a proposal from the economic team headed by Vice President, Yemi Osinbajo.

But reacting to this, Osinbajo’s spokesman said: “The economic management team has indeed been considering several policy options and measures to urgently reform and revitalise the economy. Some of these measures may well require legislative amendments and presidential orders that will enable the executive arm of government move quickly in implementing the economic reform plans.

“As far as I know, this has not been passed on to the president, the Federal Executive Council or the legislative arm of government. So, at this point, there are no further details to share.”