The Senate has noted with satisfaction the assent of President Muhammadu Buhari to the Banks and Other Financial Institutions Act 2020 (BOFIA) following the approval of the bill by the Senate.
Senator Ajibola Basiru (APC Osun), chairman of the Senate Media Committee in a statement Saturday, said that the enactment of the BOFIA followed many other bills passed by the Senate in critical areas of the economy.
According to him, the approved bills are relevant for the development of the nation.
Basiru emphasized that the approval of the BOFIA has effectively repealed the 1991 edition and is expected to rejuvenate the financial system and improve the overall development of the nation’s economy.
“The work that has been done to approve this bill, like some previously approved by the President, underscores the determination of the IX Assembly to focus on the path of economic growth and development of our country.
“Through this law, banks and financial institutions will be able to offer quality banking and financial services to the productive sectors of the economy, as well as ensure the recovery of non-performing loans,” he said.
He listed some of the bills that have been approved by the Senate that are of direct relevance to the revival of the national economy to include, the Oil Income Tax Act, the Corporate and Related Affairs Act and the Finance.
Other bills are the Police Law, the Profit Sharing Contract Law and Deep Offshore among others.
Basiru, however, noted that the Senate under the leadership of Senator President Ahmed Lawan was determined to work tirelessly for the good of Nigerians.
He said the Senate was carrying out a systemic shift from dying acts on the statute books into vibrant laws, in keeping with modern economic reality.
Source: – Vanguard