â€¢ House okays bill seeking to limit credit default
James Emejo in Abuja
The House of Representatives wednesday, passed for second reading, a bill for an Act to regulate the execution of federal government projects by state governments.
The bill further provides for procedures to undertake such projects, financing, supervision/monitoring, refund/ reimbursement of money spent thereto and for other related matter.
The bill, sponsored by Hon. Rimamnde Shawulu Kwewum received the support of majority of the House.
Also, a bill for an Act to provide for the distribution and payment to state governments of some taxes and duties collected by the Federal Inland Revenue Service (FIRS) or other authorities of the federal government and for other related matters scaled second reading on the House floor.
The bill was sponsored by Hon. Hazeez Babajide Akinloye and had the backing of members.
In the same vein, the House adopted the recommendations of the Senate in a bill to provide for framework for credit reporting, by pushing for standardisation of credit operations in the country.
Senators had penultimate week considered and passed an act to provide for the framework for credit reporting and other related matters before forwarding it to the House for concurrence.
Hon. Ossai Nicholas Ossai, (PDP), Delta, who stood in for the House Leader, Femi Gbajabiamila in leading debate on the bill, said when passed, the bill would promote access to, and enhance risk management in credit transactions.
He further informed members that when passed, the bill would â€˜promote responsibility in the credit market by encouraging responsible borrowing, avoidance of over -granting by credit providers and contractual default by consumers. â€˜
Other significance of the eleven -page bill, are minimising the rate of loan defaulting and facilitating the processing of loan applications.
He urged the House to support the initiative in order to stimulate and grow the economy and create jobs and wealth for citizens.
Members adopted the provisions of the bill in the committee of the whole, presided by deputy speaker Lasun Yussuff.
Furthermore, a bill for an Act to repeal the Nigerian Football Association Act, Cap. N110, 2004 and re-enact the Nigeria Football Federation Act to provide for the administration of the game of football in Nigeria and for other related matters passed second reading.
Hon. Edward Pwajok (APC, Plateau) sponsored the bill.