BOFI Act Can Stimulate Nigeria’s Economy – Senate

The Senate has disclosed that the signing of Banking and Other Financial
Institutions Act (BOFIA) Bill 2020 by President Muhammad Buhari has the potential to stimulate the nation’s economy.

Chairman, Senate Committee on Media and Public Affairs, Ajibola Basiru, in a statement at the weekend, explained that the President’s assent to the critical piece of legislation would rejuvenate Nigeria’s financial system.

Basiru disclosed that “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.”

He also outlined Some of the bills which had been passed by Senate with direct relevance to the resuscitation of the national economy as the Petroleum Profit Tax Act; CAMA Act: Finance Act; Police Act; Deep Offshore and Profit Sharing Contract Act, among others.

The lawmaker however added that the Senate under the leadership of Senate President, Dr Ahmed Lawan would work tirelessly to ensure that obsolete laws would be repealed and re-enacted to address the nation’s economic challenges in view of present realities.

The Senate recalls that Buhari’s assent effectively repeals the 1991 edition of the law and 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,” the lawmaker said.