The Senate has commended President Muhammadu Buhari for signing into law, the Banks and Other Financial Institutions Act 2020 (BOFI ACT) following the passage of the bill by the former Chairman Senate Committee on Media and Public Affairs, Senator Ajibola Basiru noted that the assent has effectively repealed the 1991 edition of the Act and it is expected to rejuvenate the financial system and enhance the development of the economy.
Senator Ajibola recalled relevant Acts to the resuscitation of the national economy which have been passed by the 9th Senate to include the Petroleum Profit Tax Act; CAMA Act: Finance Act; Police Act; Deep Offshore and Profit Sharing Contract Act.
He further maintained that the Senate was determined to promote legislation that would stimulate the growth of the economy.
He said: “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.