The Upper Legislative House has lauded President Muhammadu Buhari’s assent to the Banks and Other Financial Institutions Act 2020 (BOFI ACT), following the passage of the bill by the Senate.
Chairman of the Senate’s Media Committee, Dr. Ajibola Basiru, who disclosed this on behalf of the legislators, said the assent has effectively repealed the 1991 edition and expected to rejuvenate the financial system and enhance the economy’s development.
He said 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 country’s development.
“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,” Asiru said.
According to him, 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, among others.
He, however, added that the Senate, under the leadership of Senator Ahmed Lawan, is ever resolved to work tirelessly and turn around the moribund laws to ensure that they are vibrant and are in consonance with modern day economic reality.