#BILLTRACKER

The Bill to establish the National Development Bank of Nigeria SB.8 2016 sponsored by Senator Ibrahim Gobir (Sokoto East Senatorial District)


TRACK RECORD

First Reading: 12th August, 2015.

Second Reading: 12th October, 2016.


STATUS

The #DevtBankBill has been referred to the Senate Committee on Banking, Insurance and other Financial Institutions for further legislative action.


The #DevtBankBill is to repeal the Bank of Industry Act, the Bank of Commerce and Industry Act and the National Economic Reconstruction Fund Act bringing their assets under one new body, the National Development Bank.

The #DevtBankBill seeks to create a development finance institution to accelerate sustainable socio - economic development.

The #DevtBankBill is to also satisfy medium & long - term funding needs for both SMEs and Large Scale Enterprises in Nigeria.

The #DevtBankBill will allow loans with duration of up to 10Years and a moratorium of up to 18Months unlike the deposit banks.

The #DevtBankBill SB. 8 will empower the National Development Bank to provide capital loans to eligible enterprises.

The #DevtBankBill will allow the provision of cheap funds to Manufacturing, Agro - Allied & Non - Peasant Agricultural Industries.

The National Development Bank to be created by the #DevtBankBill will provide funds to locally owned, economically-viable enterprises.

The enactment of the #DevtBankBill SB. 8 will be a perfect answer to the current economic down turn.

The #DevtBankBill will mirror international best practices of Development Banks to provide long term finance/equity.

The #DevtBankBill will also ensure the development of small businesses and the encouragement of entrepreneurial activity.

The #DevtBankBill also has a broader aim of re - distributing income btw social classes, economic diversification & ultimately, job creation.

The #DevtBankBill SB. 8 is part of the #SenatePlan's recommendation towards economic recovery from the current recession.