Friday, January 21, 2022

BREAKING: Buhari assents to Banks, Financial Institutions Act 2020

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Maryam Hassanhttps://dailynigerian.com/author/rayyan/
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or www.facebook.com/RayyanAlhassan, or @Rayyan88 on Twitter.
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President Muhammadu Buhari has assented to the Banks and Other Financial Institutions Act 2020.

Garba Shehu, the presidential spokesman, made the announcement in a statement on Friday,

The Act repeals the extant Banks and Other Financial Institutions Act 1991 as amended.

The legislation is expected to enhance the resilience of the financial system for the growth of the Nigerian economy.

It updates the enabling law in response to developments and significant evolution in the financial sector.

The Presidency said the Act will increase the appetite of banks and other financial institutions to channel credit to the real sector.

It also introduces a credit tribunal to improve loan recovery.

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Furthermore, the legislation addresses the incidence of high non-performing loans within the financial system.

The Act strengthens the regulatory and supervisory framework for the financial industry.

It provides additional tools for managing failing institutions and systemic distress to preserve financial stability.

The Central Bank of Nigeria, CBN, would meet stakeholders across various sectors to discuss critical aspects of the Act.

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