OrderPaper Today: President Muhammadu Buhari has signed into law two bills passed by the National Assembly, making them to become part of the Laws of the Federation.

This was contained in a statement by the Senior Special Assistant to the President on media and publicity, Garba Shehu. The bills are; the Climate Change Act and The Asset Management Corporation of Nigeria (Amendment) Act.

The Climate Change Act, which is 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 bill is equally paves way for environmental and economic accounting and a push for a net zero emission deadline plans in the country. It was passed by the House in July and concurred by the Senate in October, 2021.

Meanwhile, the presidential assent to the bill came barely a week after the President had joined other world leaders and activist to address the issue of climate change at the COP26 conference in Glasgow where he charged world leaders that the goal of transitioning from fossil fuel to clean energy, reaching a net-zero ambition for greenhouse emission would require critical infrastructure to be in place, particularly in the developing countries.

At the conference, he had maintained that; “Parties to the Paris Agreement are expected to transition from fossil fuel to clean energy and reach a net-zero ambition for greenhouse gases emission.

“We agree that the net-zero ambition can lead to economic transformation across all sectors. It is a good ambition, but it requires critical infrastructure in place, including renewable energy. Therefore, in Nigeria, it will take us a longer time to get to net-zero,’’ he said.

Similarly, the president granted assent to The Asset Management Corporation of Nigeria (Amendment) Act amends the AMCON Act No.4, 2010, which 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. It also 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.’’, said Shehu.

Shehu maintained the new law will help AMCON make recoveries and for debtors to fulfill their commitments to banks.

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