The caucus led by Mr. Ossai Nichola Ossai (PDP, Delta) who made this call on Thursday at a media briefing in the National Assembly said it should be replaced with the parliamentary system.
They said the parliamentary system will fasten decision making process.
Mr. Ossai said: “Our position in this legislation clearly point to compelling advantages of parliamentary systems of government to economic growth and development as well as its inherent efficiency in the conduct of government businesses.”
According to him, “studies have shown that; countries run by presidential regimes consistently produce lower output growth, higher and more volatile inflation and greater income inequality relative to those under parliamentary ones,” adding:
“There are countless empirical records which shows that output growth under presidential regimes are in zero points (Negative).”
The lawmakers also alluded to the fact that parliamentary systems help in quick passage of economic bills due to the fusion of power that it embodies.
They further explained that the advantages of decentralisation of powers in parliamentary systems would help to douse tensions in Nigeria where ethnicity, race, religious differences and ideological divisions are prevalent thereby promoting peace and unity which are ingredients for economic growth and development.