Senate: Buhari’s Assent to BOFIA will Rejuvenate Nigeria’s Financial System

By Deji Elumoye

The Senate has hinted that Friday’s signing of the Banking and Other Financial Institutions Act (BOFIA), 2020 into law by President Muhammadu Buhari will enhance Nigeria’s
financial system.

In a statement on Saturday by its spokesman, Senator Ajibola Basiru, the upper legislative chamber stressed that the president’s assent to the critical piece of legislation will rejuvenate Nigeria’s financial system and enhance development of the economy.

The statement read in part: “The Senate has noted with satisfaction the assent of President Muhammadu Buhari to the Banks and Other Financial Institutions Act 2020 (BOFI ACT) following the passage of the bill by the Senate for the president’s assent.

“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.”

According to Basiru, 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,” he said.

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Senate under the leadership of Senate President, Dr Ahmed Lawan, would work tirelessly to ensure that obsolete laws are repealed and re-enacted to address the nation’s economic challenges in view of present realities.

He listed some of the bills passed by the Senate, which are of direct relevance to the resuscitation of the national economy, to include the Petroleum Profit Tax Act; CAMA Act: Finance Act; Police Act; Deep Offshore and Profit Sharing Contract Act.