The Senate has commended President Muhammadu Buhari for signing the Banking and Other Financial Institutions Act Bill 2020, earlier passed by the National Assembly, into law.
The enactment of the BOFI Act follows many other Bills passed by the Senate on critical areas for the economy which are relevant to the Nation’s development.
Chairman, Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, in a statement said the assent has effectively repealed the 1991 edition and it is expected to rejuvenate the financial system and enhance the development of the economy.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 non performing loans”.
Senator Basiru 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.