Two bills passed by the National Assembly have been signed by President Muhammadu Buhari into law, the Presidency has disclosed.
A statement by Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said 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.
The bill also paves the way for environmental and economic accounting and a push for a net zero emission deadline plan in the country.
In the same vein, 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.’’
On the long run, the law will help AMCON make recoveries and for debtors to fulfil their commitments to banks.
