The Senate has noted with satisfaction the assent of President Muhammadu Buhari to the Banks and Other Financial Institutions Act 2020 (BOFIA) following the passage of the bill by the senate.

Sen. Ajibola Basiru (APC Osun), Chairman, Senate Committee on Media in a statement on Saturday, said the enactment of the BOFIA followed many other bills passed by the senate on critical areas of the economy.

According to him, the bills passed are relevant to the nation’s development.

Basiru stressed that assent to the BOFIA has effectively repealed the 1991 edition and expected to rejuvenate the financial system and enhance the overall development of the nation’s economy.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.

He listed some of the bills which have been passed by senate that are of direct relevance to the resuscitation of the national economy to include, the Petroleum Profit Tax Act, Company and Allied Matters Act and Finance Act.

Other bills are Police Act, Deep Offshore and Profit Sharing Contract Act, among others.

Basiru, however, noted that the Senate under the leadership of Sen. President, Ahmed Lawan was bent on working tirelessly for the good of Nigerians.

He said the senate was carrying out a systemic turn around of moribund acts in the statutes books into vibrant laws, in consonance with modern day economic reality.

NAN