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Senate Committee Vows to Review Obsolete Laws, Intervene in Fiscal and Monetary Policies

Senator representing Kaduna Central, Malam Uba Sani has said that the existing Banking and other Financial Institutions Act (BOFIA) is due for review to suit current realities.

Senator Sani who is the Chairman of the newly constituted Senate Committee on Banking, Insurance and Other Financial Institutions made the vow while inaugurating the Committee on Thursday.

He also pledged a robust engagement with the Central Bank of Nigeria and other financial institutions and to make interventions in fiscal and monetary policies.

Sani who saw the inaugural as an opportunity for team building, said the Committee at the inaugural meeting took a critical look at its terms of reference with a view to developing a framework for action.

“The Committee resolved to approach its oversight duties with the highest sense of responsibility; robustly engage the Central Bank of Nigeria (CBN), commercial banks, insurance and financial institutions; as well as make interventions in respect of fiscal and monetary policies to enhance Nigeria’s economic growth and development.

“The Committee will also critically look at the age-long Banking and other Financial institutions Act (BOFIA) with the aim of reviewing it to be in tandem with current financial realities,” Sani explained.

He said members had pledged to work in harmony and make necessary sacrifices to make the Committee second to none in the 9th Senate.

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