Buhari Assents To BOFI Act 2020

 Buhari Assents To BOFI Act 2020

President Muhammadu Buhari has assented to the Banks and Other Financial Institutions (BOFI) Act 2020.

A statement by the President’s Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, said the act repealed the extent and other financial institutions act 1991 as amended.

He said the BOFI act 2020 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 act will also introduce a credit tribunal to improve loan recovery and address the incidence of high non-performing loans within the financial system.


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