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President Buhari signs crucial bill into law

PublishedBy: in Nigeria NewsNovember 14, 2020 - Last modified on June 7th, 2021 at 7:36 am


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

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.

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.

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

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