Buhari Signs Climate Change, AMCON Bills Into Law

BY CHIKA OKEKE, Abuja

Buhari

President Muhammadu Buhari has signed the Climate Change Act and Asset Management Corporation of Nigeria (AMCON) Amendment Act into law that was recently passed by the National Assembly.

This was disclosed by the president’s spokesperson, Garba Shehu in Abuja yesterday.

He said the climate change act derived 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.

The act also paved the way for environmental and economic accounting and a push for a net zero- emission deadline plan in the country.

Buhari had during the world leaders summit at the just concluded 26th session of the Conference of Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC) in Glasgow, United Kingdom made a commitment that Nigeria would cut its carbon emission to net-zero by 2060.

Also, the Asset Management Corporation of Nigeria (AMCON) amendment act amends the AMCON Act No.4, 2010.

It highlighted 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,” he concluded.

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