President Buhari assents to banks, financial institutions act 2020

President Buhari assents to banks, financial institutions act 2020

-Nigeria's President Buhari has signed the amended banks and other financial institutions bill into law

- Garba Shehu, the presidential spokesman, made this known on Friday, November 13

- Shehu said that the act repeals the extant banks and other financial institutions Act 1991

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President Muhammadu Buhari on Thursday, November 12, signed the Banks and Other Financial Institutions Act 2020 into law.

Legit.ng gathered that Garba Shehu, the presidential spokesman, disclosed this in a statement on Friday, November 13.

According to the thread of tweets posted by the presidential spokesman, the newly signed Act repeals the extant Banks and Other Financial Institutions Act 1991 as amended.

President Buhari assents to banks, financial institutions act 2020

President Buhari has signed the amended banks and other financial institutions bill into law. Photo credit: BashirAhmad
Source: Twitter

Shehu went on to note that the bill seeks to improve the soundness and resilience of the financial system.

He also explained that a key feature of the legislation is the introduction of a credit tribunal to improve loan recovery and address the incidence of high non-performing loans.

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The spokesman added that the Act will increase the appetite of banks and other financial institutions to channel credit to the real sector.

Recall that back in September, President Buhari signed into law the Nigeria Police Bill, 2020.

The signing of the bill into law was reported in a statement by the special adviser to the president on media and publicity, Femi Adesina.

Adesina said the president, in a memo communicated his assent to the bill to the National Assembly, through the clerk of the legislature.

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Meanwhile, Legit.ng had previously reported that the governor of Lagos state, Babajide Sanwo-Olu, announced his intention to repeal the public office holder payment of pension law 2007.

According to Gawat Jubril, Sanwo-Olu's senior special assistant on new media, the Lagos state governor announced the plan while presenting the 2021 budget to the Lagos state House of Assembly.

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The law which Governor Sanwo-Olu plans to repeal provides for payment of pension and other entitlements to former governors and their deputies.

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Source: Legit.ng

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