National Assembly: CAMA, Police Acts and Others Bills Passed Into Law

The National Assembly has revealed in a thread on their twitter handle that some bills has finally been passed into bill while some were amended. Among the bills passed are controversial CAMA act. Others are Police Act, Finance Act and Police Act. The Finance bill was passed into law after amendment from the usual one being used since 1991. 

The new law on Finance will ensure, banks and financial institutions will now be able to offer productive services to many sectors of the economy, offer quality banking and financial services as well as ensure recovery of non performing loans.

The media Committee Chairman of the Senate Dr Ajibola Basiru, said the assent has effectively repealed the 1991 edition and it is expected to rejuvenate the financial system and enhance the development of the Nigeria economy. The Senate also said that some of the other passed bills by Senate are of direct relevance to the resuscitation of the national economy. Some of the Bill's are the Petroleum Profit Tax Act, Deep Offshore and Profit Sharing Contract Act.

The Senate also assured Nigerians that Nigeria Senate under the leadership of Senate President, Dr Ahmad Lawan is ever resolved to work tirelessly and turn around our moribund laws to ensuring that they are vibrant and are in consonance with modern day economic reality.

Senate also noted that they were satisfied with the assent of President Mohammadu Buhari to the Banks and Other Financial Institutions Act 2020 (BOFI ACT) and they are please to pass the bill into law.

Thanks for reading this article. What's your view on the passed bills? Pen down your thoughts in the comments section. 

Do you have stories to share with us or you want to advertise your legitimate business, services or products? You can reach us via WhatsApp +2349097679797