Senate Commends Buhari For Assenting To BOFI Act

NOVEMBER 14, 2020

The Senate has lauded President Muhammadu Buhari’s assent to the Banks and Other Financial Institutions Act (BOFI ACT) (amendment) Bill, 2020.

In a statement on Saturday, the Chairman, Senate Committee on Media and Public Affairs, Surajudeen Ajibola Basiru, said the assent to the Bill had effectively repealed the 1991 edition and “it is expected to rejuvenate the financial system and enhance the development of the economy.”

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.

Read also: Buhari Signs Banks And Other Financial Institutions Act 2020

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.”

He 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.”

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