- Senator Uba Sani has given updates on the amendment to banking and financial institutions act
- The bill has passed through the first reading at the Senate
- According to the lawmaker, the amendment would infuse confidence in the nation's financial system and help bolster the nation's economy
A bill sponsored by the lawmaker representing Kaduna Central, Senator Uba Sani, which seeks to amend the banking and other financial institutions act (2004) has passed through the first reading in the Senate on Tuesday, May 12.
Legit.ng's regional reporter in Kaduna, Nasir Dambatta, reports that while making the disclosure, Uba Sani, who is the chairman, Senate committee on banking and other financial institutions, said the proposed amendment is to address the obsolete aspects of the current act and also to engender a better regulated financial system in Nigeria.
The ultimate goal he said, is to infuse confidence in the nation's financial system and help bolster the nation's economy.
According to the senator, the amendment bill which essentially seeks to update the laws governing banks and banking services also aims to enhance efficiency in the process of granting banking licences.
He said: "In addition, the Bill also stipulates stiffer penalties for infractions in the financial sector and seeks to clarify the functions of the Central Bank of Nigeria (CBN) in the financial system."
The bill, according to him, also seeks the regulation of FINTECHs (Financial Technology Companies) in the country.
Expressing gratitude to the president of the Senate, Ahmad Lawan and other distinguished colleagues for their support, Uba Sani said he hoped for "a quick passage of this important bill."
Meanwhile, Legit.ng had previously reported that Sani endorsed the swift action of CBN and bankers committee against downsizing in the industry.
It was reported that Sani made the commendation on Monday, May 4, while welcoming the intervention of the Central Bank of Nigeria and the banking committee to halt layoffs in the banking sector.
Lamenting that the pandemic has had a devastating impact on Nigerian workers and their livelihoods, the senator noted, however, that responsive and responsible institutions have come up with initiatives to lessen the pains.
In another report, the N850 billion loan requested by President Muhammadu Buhari was on Tuesday, May 12, approved by the House of Representatives. The loan was requested by President Buhari for the purpose of funding the 2020 budget.
The approval by the Green Chamber was given during its plenary held in Abuja on Tuesday.
President Buhari's request was contained in a presidential memo read by the president of the Senate, Ahmad Lawan, on the floor of the Senate on Tuesday, April 28.
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