This was made public in a statement by Garba Shehu, the presidential spokesman 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 economy of Nigerian.

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.

Also, 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) will meet stakeholders across various sectors to discuss critical aspects of the Act

GhgossipOct 20, 2020Read original

Former Presidential aide, Reno Omokri has taken to his verified Twitter account to announce his intention to pay the bills of all injured protesters who were shot at the protest grounds.

Reno Omokri have been one of the voices of the Nigerians since the inception of the peaceful protest, and his recent gesture shows how committed he is to the #endsars cause.