The Senate, has said that the Banks and Other Financial Institutions (BOFI, 2020), which President Muhammadu Buhari signed into law recently was recently would rejuvenate the country’s financial system and enhance the development of the economy.
Spokesman of the Senate and Chairman, Senate Committee on Media, Senator Ajibola Basiru, expressed this optimism yesterday, in a statement he issued in Abuja. 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.
While commenting on the enactment, Senator Basiru, said that the assent had effectively repealed the 1991 edition and that it was expected to rejuvenate the financial system and enhance the development of the economy.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 non – performing loans”, he said.
He noted that some of the bills which had been passed by the Senate which were of direct relevance to the resuscitation of the national economy included the Petroleum Profit Tax Act; CAMA Act: Finance Act; Police Act; Deep Offshore and Profit Sharing Contract Act, among others.
Basiru however, stated that the Senate under the leadership of Ahmed Lawan as the President of the Senate, was resolved to work tirelessly in order to turn around the moribund laws to ensuring that they were vibrant and in consonance with modern day economic reality.