• Sunday, February 25, 2024
businessday logo

BusinessDay

Buhari signs climate change, AMCON amendment bills into law

Buhari signs climate change, AMCON amendment bills into law

President Muhammadu Buhari, yesterday signed into law two bills -the Climate Change Act and the Asset Management Corporation of Nigeria (AMCON) amendment act.

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, a public statement from Garba Shehu, the President’s senior special assistant on media and publicity revealed.

This Climate Change law paves the way for environmental and economic accounting and a push for a net-zero emission deadline plan in the country.

Read also: FG slashes navy’s N220.236bn capital budget to N25.8 billion

Also, the statement stated that AMCON amendment Act No.4, 2010 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.