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Buhari signs BOFI Act 2020 to strengthen financial system

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President Muhammadu Buhari has signed the Banks and Other Financial Institutions Act 2020 into law to strengthen the financial system.

The Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said this in a statement on Friday.

The new law, according to the statement, repeals the extant Banks and Other Financial Institutions Act 1991 as amended.

It added that the law would enhance the resilience of the financial system for sustainable growth and development of the Nigerian economy.

The statement read, “The BOFI Act 2020 updates the enabling law in response to developments and significant evolution in the financial sector over the last two decades.

“It will increase the appetite of banks and other financial institutions to channel much-needed credit to the real sector to support economic recovery and promote sustainable growth.”

The statement also said the new law “introduces a credit tribunal to improve loan recovery and address the incidence of high non-performing loans within the financial system, which has been a key deterrent to lending by financial institutions.

“Furthermore, it strengthens the regulatory and supervisory framework for the financial industry and provides additional tools for managing failing institutions and systemic distress to preserve financial stability amongst others.”

It hinted about a plan by the Central Bank of Nigeria to hold structured engagements with stakeholders across various sectors of the economy on critical aspects of the Act in the coming months.

“This enactment of the BOFI Act 2020 is a historic and significant achievement, which is indicative of effective and productive collaboration between the executive and legislative arms of government,” it added.

Aviation

No plane crashed in Lagos – FAAN, NEMA

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Two government agencies, the Federal Airports Authority of Nigeria and National Emergency Management Agency, have dismissed reports of a fresh plane crash in the Ikeja area of Lagos.

An internet user who saw a plane being towed away had sent the picture to the social media, concluding that it was the wreckage of a fresh plane crash in Lagos.

The aircraft, which had missing wings, was spotted on Ikeja-Agege road, causing gridlock along the route on Tuesday as the news went viral on the social media.

But FAAN in a terse statement posted on its social media handles, said Nigerians should disregard the news.

It stated, “The Federal Airports Authority of Nigeria would like to inform the general public to disregard the news making the rounds on social media about an alleged crash at Ikeja Airport.

“The aircraft was sold by the owner to a buyer, who was taking it to its final destination.”

Also, Ibrahim Farinloye, the zonal coordinator, South-West, NEMA, said after due consultations with all critical stakeholders and tracking of all incoming and outgoing flights in Lagos, there was no plane.

An aviation analyst, Daniel Dikio, had also tweeted his observation of the viral video.

“It is an Airbus A319, hasn’t flown domestically in years. I can see traces of a green logo; it likely belonged to First Nation Airways in its time.

“The wings are separated cleanly; this wouldn’t happen in a crash. The separation is a sign of dismantling.

“There is no damage to the fuselage, almost impossible given the purported circumstances”, Dikio noted.

 

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FG targets 1.4mbpd domestic refining before 2027

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Minister of State for Petroleum Resources, Chief Timipre Sylva

The Federal Government has disclosed plans to actualise 1.4 million barrels per day, mbpd, domestic refining of crude oil in the next five years.

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Nigeria’s GDP grew by 3.11% in Q1 – NBS report

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The National Bureau of Statistics has said the nation’s gross domestic product (GDP) grew by 3.11 per cent in the first quarter of 2022.

The NBS said this on Monday in its new Gross Domestic Product Report, showing the sixth consecutive quarter of positive growth.

It stated the first quarter 2022 growth rate further represented gradual economic stability due to strong growth posted by the non-oil sector.

Part of the report read, “The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points. “Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.

“In the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms.

“This performance is higher when compared to the first quarter of 2021, which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%.

“The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in the first quarter of 2021 and higher compared to the 13.11% growth recorded in the preceding quarter.”

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