President Buhari Writes Senate, Seeks Passage of Crucial 2022 Bills
- The president has urged federal lawmakers to urgently pass the Money Laundering Bill and Terrorism Prevention Bill into law
- President Muhammadu Buhari through a letter sent the bills to the Nigerian Senate while appealing for due consideration
- The Senate is to consider the two critical bills seeking to facilitate the swift prosecution of money launderers and terrorist financiers in Nigeria
The Senate has received the Money Laundering Bill and Terrorism Prevention Bill transmitted by President Muhammadu Buhari for expeditious consideration and passage into law.
The Bills were accompanied by a letter read at the start of plenary on Thursday, April 14, by the Senate president, Ahmad Lawan.
President Buhari, in a letter dated April 12, 2022, said the request for the passage of both bills was pursuant to the provisions of Section 58(2) of the 1999 Constitution as amended, Leadership reports.
Source: Facebook
The reason for prompt passage
He explained that the deficiencies in the country’s Anti-Money Laundering/Combating the Financing of Terrorism regime (AML/CFT), make it imperative for the passage of both Bills.
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Buhari warns
Buhari warned that the non-passage of both Bills poses a risk that may lead to the eventual blacklisting of Nigeria by the Financial Action Task Force (FATF).
The letter reads:
“The Federal Ministry of Justice reviewed the Money Laundering (Prohibition) Bill and Terrorism (Prevention) Bill currently pending before the National Assembly and have come up with revised versions of the Bills, incorporating the resolutions to the deficiencies pointed out in the Mutual Evaluation Report, thereby bringing Nigeria’s AML/CFT legal regime in conformity with the FATF recommendations.”
Senate president assures passage of 2022 budget
In a previous report by Legit.ng, Lawan, assured President Buhari and Nigerians at large that the 2022 budget will be passed by the National Assembly before the end of 2021.
Speaking during the presentation of the budget by President Buhari, the Senate president said the National Assembly is totally committed to ensuring that the 2022 Appropriation Bill is passed to law by the end of the year.
Noting that the promise was fulfilled with the 2021 budget, Lawan commended the president for an early presentation of the 2022 budget.
World Bank advises Buhari what to do in 2022 to fix Nigeria's economy
Meanwhile, on Tuesday, November 23, the World Bank released its November 2021 Nigeria Development Update.
The report also noted that Nigeria has the worst revenue-to-GDP ratio among 115 countries monitored by the World Bank.
To address the nation's economic challenges, the World Bank recommended some important policy decisions President Muhammadu Buhari and the Central Bank of Nigeria (CBN) should take, starting from the year 2022.
Source: Legit.ng
