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The Senate has commended President Muhammadu Buhari for signing the Banking and Other Financial Institutions Act (BOFIA) Bill 2020 into law, following its passage by the National Assembly.
Chairman, Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, in a statement issued on Saturday to the media said that the President’s assent to the critical piece of legislation will rejuvenate Nigeria’s financial system and enhance development of the economy.
The statement reads: “The Senate has noted with satisfaction the assent of President Mohammadu Buhari to the Banks and Other Financial Institutions Act 2020 (BOFI ACT) following the passage of the bill by the Senate for the President’s assent.
“The enactment of the BOFI Act follows many other Bills passed by the Senate on critical areas for the economy which are relevant to the Nation’s development.”
According to Senator Basiru, Buhari’s assent effectively repeals the 1991 edition of the law and is expected to rejuvenate the financial system and enhance the development of the economy.
“The work which has gone into the passage of this bill, like some previously assented to by Mr President, underscores the determination of the 9th Assembly to focus on the path of economic growth and development of our country.
“By this law, banks and financial institutions will be able to offer productive sectors of the economy, quality banking and financial services as well as ensure recovery of non performing loans,” the lawmaker said.
Some of the bills which have been passed by Senate which are of direct relevance to the resuscitation of the national economy are the Petroleum Profit Tax Act; CAMA Act: Finance Act; Police Act; Deep Offshore and Profit Sharing Contract Act, to mention but a few.
Senator Basiru however added that the Senate under the leadership of Senate President, Dr Ahmed Lawan would work tirelessly to ensure that obsolete laws are repealed and re-enacted to address the nation’s economic challenges in view of present realities.