News

Buhari signs climate change, AMCON amendment bills into law

President Muhammadu Buhari on Thursday, signed two bills passed by the National Assembly into law.

They include the Climate Change Act and the Asset Management Corporation of Nigeria (Amendment) Act amending the AMCON Act No.4, 2010.

Senior Special Assistant to the President on Media and Publicity, Garba Shehu, disclosed this in a statement titled, ‘President Buhari signs climate change, AMCON (amendment) bills into law.’

According to 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 also 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 enable AMCON to make recoveries and for debtors to fulfil their commitments to banks,” the statement said.

Related Articles

Back to top button