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Buhari signs Climate Change Bill into law

President Muhammadu Buhari has signed into law two important bills passed by the National Assembly, including the Climate Change Bill.

Buhari COP26
President Muhammadu Buhari

The now Climate Change Act owes its origin to a bill sponsored by a member of the House of Representatives, Sam Onuigbo.

It provides for, among other things, the mainstreaming of climate change actions and the establishment of a National Council on Climate Change.

The Act also paves the way for environmental and economic accounting, as well as pushing for a net zero emission deadline plan for the country, according to a statement by Malam Garba Shehu, the President’s media aide.

The statement, issued on Thursday, November 18, 2021, in Abuja, also identified the second bill assented to by the President as the Asset Management Corporation of Nigeria (Amendment) Act, which amended the AMCON Act No. 4, 2010. 

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Shehu said: “It 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’’

This, according to Shehu, 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’’, he added.

By Ismaila Chafe

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