The Nigerian Association of Law Teachers (NALT) on Friday, advocated that security vote and constituency projects should be declared illegal.
However, the association has recommended the need for government to employ legal tools in order to overcome the nation’s economic challenges.
This is contained in a communiqué issued by Mr Adure Uzo-Peters, the Secretary of the NALT Conference Communique Committee, at the end of the 49th Annual National Conference of the association in Keffi, Nasarawa state.
Uzo-Peters said that in view of the present economic situation in Nigeria, the conference recommended for the need to employ legal tools as a veritable catalysts for national development and economic growth.
“We have decided to choose the conference theme as `Law and Economy’ as it is not only timely but also appropriate because of the volatile times our economy is passing through.
Evidently, only through law can we genuinely establish enduring economic structures. Law does not only regulate the acquisition of the factors of production but it also determines the legal context and basis of their interaction and law controls the inter-governmental behaviour in relation to the economy.
“We recommend that, for accountability, security votes and constituency projects should be declared illegal or at a minimum, open to public scrutiny and to trigger trade and investment, the present shareholder maximisation theory which underlies our corporate laws should tilt to a stakeholder maximisation focus.
“There is the need for government to also focus on law enforcement and not necessarily over legislation, as it appears that there are near sufficient laws to fight the malaise of threats to the country’s economy growth.
“It is imperative to create and develop competition law and policy (anti-trust legislation) to protect public and private interests in achieving the best allocation of resources possible,” the association said.
According to the communique, “Nigeria must make deliberate efforts to address regulatory inefficiency as it is necessary to embark upon rigorous enforcement policy to stimulate proper market behaviour which would serve as a catalyst for development’’.
The communique said the conference also recommended that in the light of the fund set up for unemployment benefits by the current administration, it is important for Nigeria to create and develop a long-term and sustainable social security policy for Nigeria.
Closing the five-day event earlier, the President of the Association, Dr Abdulkarim Kana, said that the conference featured many paper presentation on very tropical issues aimed at employing law as a veritable tool for addressing the present economic challenges faced by Nigerians.
Kana, who is also the Dean, Faculty of Law, Nasarawa State Univeristy, Keffi, commended members of NALT for their commitment in order to improve on the standard of legal profession and the standard of living of Nigerians.
“Conference is the high point of the activities of the association every year and NALT has been effective in the fulfilment of some of its objectives by keeping alive the spirit of legal research for the overall development of the country,” he said.