On September 27, 2022, the Business Facilitation (Miscellaneous Provision) Bill 2022, also known as the “Omnibus Bill”, passed Second Reading at the House of Representatives of the Federal Republic of Nigeria. The House had passed the First Reading on June 22, 2022. The Bill had also passed second reading at the Senate on July 20, 2022
The Omnibus Bill is an intervention of the Presidential Enabling Business Environment Council (PEBEC) aimed at consolidating and amending outdated legislative provisions towards removing bottlenecks for micro, small and medium enterprises. It also seeks to 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.
You will recall that the that the Federal Executive Council approved the bill on March 23, 2022, which was a culmination of 4 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 Honourable Attorney General of the Federation, and implemented by a technical working group with the Federal Ministry of Justice legal drafting team and representatives from leading law firms and consultancy firms.
Stakeholders eagerly look forward to the speedy passage of the Bill by both chambers of the 9th National Assembly and signing into law by Mr President in order to reap the attendant benefits for the Nigerian economy.