Senate hails Buhari’s assent to BOFI Act


The Senate has applauded the assent of President Mohammadu Buhari to the Banks and Other Financial Institutions Act 2020 (BOFI ACT).

This was consequent upon the passage of the bill by the National Assembly for the President’s assent.

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.

Chairman Senate Committee on media, Dr Ajibola Basiru, said the assent had effectively repealed the 1991 edition and it was expected to rejuvenate the financial system and enhance the development of the economy.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,” Basiru said.

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 added that the Senate under the leadership of Senate President, Dr Ahmed Lawan, was ever resolved to work tirelessly and turn around the nation’s moribund laws to ensure that they were vibrant and were in consonance with modern day economic realities.

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