The Senate on Saturday lauded President Muhammadu Buhari’s assent to the Banks and Other Financial Institutions Act (BOFI ACT) (amendment) Bill, 2020.
The Chairman, Senate Committee on Media and Public Affairs, Senator Surajudeen Ajibola Basiru, in a statement, said the assent to the Bill had effectively repealed the 1991 edition and “it is expected to rejuvenate the financial system and enhance the development of the economy.”
Basiru said that the Senate is satisfied with the President’s assent to the Bill following its passage by the National Assembly.
According to him, the enactment of the BOFI Act followed many other Bills passed by the Senate on critical areas for the economy which are relevant to the Nation’s development.
Basiru added: “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.
Some of the bills which have been passed by the 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 Production Sharing Contract Act, to mention but a few.”
Senator Basiru however added that “the Senate under the leadership of Senate President, Dr. Ahmad Lawan is ever resolved to work tirelessly and turn around our moribund laws to ensuring that they are vibrant and are in consonance with modern-day economic reality.”
