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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