President Muhammadu Buhari has assented to the Climate Change Act recently passed by the National Assembly.
The Act, which owes its origin to a bill sponsored by a member of the House of Representatives, Sam Onuigbo, provides for, among other things, the mainstreaming of climate change actions and the establishment of a National Council on Climate Change.
The piece of legislation also paves the way for environmental and economic accounting and a push for a net-zero emission deadline plan in the country.
Also assented to is the Asset Management Corporation of Nigeria Bill, seeking to amend the AMCON Act of 2010.
The Act 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 of 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.
A statement by the Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, says the Act will, in effect, help AMCON make recoveries and for debtors to fulfil their commitments to banks.