Nigeria

President Buhari signs climate change, AMCON bills into law

President Muhammadu Buhari Tuesday in Riyadh, Saudi Arabia, attributed growing social unrest to inequalities and unfair policies that exclude the majority from opportunities for participation, calling on world leaders and global investors to prioritise inclusive and humane policies.

President Muhammadu Buhari has signed into law two important bills passed by the National Assembly thereby making them become part of the laws of the federation.

According to a statement by presidential spokesman, Garba Shehu, the Climate Change Act owes its origin to a bill sponsored by a member of the House of Representatives, Sam Onuigbo and provides for, among other things, the mainstreaming of climate change actions and the establishment of a National Council on Climate Change.

It also paves the way for environmental and economic accounting and a push for a net-zero emission deadline plan in the country.

The Asset Management Corporation of Nigeria (Amendment) Act amends the AMCON Act No.4, 2010.

It provides for the extension of the tenor of the Resolution Cost Fund and grants access to the special tribunal established by the Banks and other Financial Institutions Act 2020, which confers on the corporation the power “to take possession, manage, foreclose or sell, transfer, assign or otherwise deal with the asset or property used as security for eligible bank assets and related matters.’’

This, in effect, will help AMCON make recoveries and for debtors to fulfil their commitments to banks.

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