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The National Assembly has powers to replace the 1999 Constitution
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By Aare Afe Babalola, SAN,CON,OFR
The Deputy Senate President, Ovie Omo Agege, was recently reported to have stated that the National Assembly has no power to replace the 1999 Constitution and that those calling for its overhaul should channel their demands for a new constitution towards constitutional amendment.
Expectedly, this generated responses from stakeholders, particularly those who have strongly advocated for a repeal of the 1999 Constitution. Therefore, I intend to look into the legal framework in Nigeria and whether the National Assembly is truly helpless in the process of enacting a new Constitution for Nigeria.
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
Recalibration of monetary policy instruments
On 10 December 2020 the Governing Council decided on recalibrating the ECB’s monetary policy instruments to contribute to preserving favourable financing conditions over the pandemic period, thereby supporting the flow of credit to all sectors of the economy, underpinning economic activity and safeguarding medium-term price stability. More detailed information on decisions can be found in the related press releases available on the ECB’s website.
Market operations
Enhancement of communication framework for euro liquidity lines
On 3 December 2020 the Governing Council approved an enhanced communication framework for euro liquidity lines provided by the Eurosystem. The existing general information on euro liquidity lines will be consolidated and published in a dedicated subsection on the ECB’s website with a view to enhancing tran