The Nigerian Senate has said that the Banks and Other Financial Institutions Act 2020 (BOFI ACT) assented by President Muhammadu Buhari is expected to rejuvenate the financial system and enhance the development of the economy.
The Senate said the enactment of the BOFI Act follows many other Bills passed by the legislatures on critical areas for the economy which are relevant to the Nation’s development.
Speaking on the enactment, the media Committee Chairman of the Senate Dr Ajibola Basiru, said the assent has effectively repealed the 1991 edition and it is expected to rejuvenate the financial system and enhance the development of the economy.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 nonperforming loans.
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 “is 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”.
The News Chronicle had on Friday, reported that Buhari has signed the bill into law.