The Climate Change Bill sponsored by the member representing Ikwuano/Umuahia North/Umuahia South Federal Constituency, Rep. Sam Onuigbo was on Thursday signed into law by President Muhammadu Buhari, ABN TV reports.
The Bill provides for, among other things, the mainstreaming of climate change actions and the establishment of a National Council on Climate Change.
It also paves the way for environmental and economic accounting and a push for a net-zero emission deadline plan in the country, Senior Special Assistant to the President on Media and Publicity, Garba Shehu told ABN TV in a statement on Thursday.
According to Shehu the Climate Change law which owes its origin to Rep. Sam Onuigbo provides for “the mainstreaming of climate change actions and the establishment of a National Council on Climate Change. It also paves the way for environmental and economic accounting and a push for a net-zero emission deadline plan in the country.”
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According to the CODE RED report by Intergovernmental Panel on Climate Change released in August, the world needs to make concerted efforts to keep the global temperature rising to 1.5 before the end of the century to avoid a climate catastrophe. To achieve this, ambitious commitments followed up by actions are needed from governments.
By assenting to the Climate Change Bill, Nigeria has made a strong statement of the country’s commitment towards meeting its climate change obligations and setting the country on the path to sustainable development.
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Similarly, the President also signed into law AMCON Amendment Act.
Asset Management Corporation of Nigeria (Amendment) Act amends the AMCON Act No.4, 2010.
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, 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.
