NASS Pledges To Support AMCON On Debt Recovery

NASS Pledges To Support AMCON On Debt Recovery
The National Assembly has assured the Asset Management Corporation of Nigeria (AMCON) of its support to recover the over ₦5.4 trillion outstanding debt owed by obligators.
The information was made known by the Chairman, Committee on Banking and Currency, Federal House of Representatives, Hon. Victor Nwokolo.

Hon. Nwokolo while speaking, made known the commitments of the 9th National Assembly in taking all necessary measures that would support it to recover the huge outstanding debt.

'The National Assembly, through the committee, which has oversight mandate over AMCON, would work to ensure that the agency not only performs its function satisfactorily but ensures that the corporation delivers on its expected mandate given that it is a creation of the parliament in 2010.' NairaMetrics reports.

Nwokolo further assured that the National Assembly would indeed continue to amend the Act until the Federal Government achieves that target for which AMCON was created in the first place, which is to stabilise the financial sector.

He said that the National Assembly would continue to strengthen the laws of the country on enforcement, given that the AMCON Act has been amended and already signed into law by President Buhari.

He also pointed out that enforcement has become critical given the tactics of the debtors, which has constrained AMCON from achieving optimum results, especially since public funds were used to buy these loans that helped prevent systemic collapse of the banking sector in Nigeria at the time AMCON was created in 2010.

The AMCON managing director, Ahmed Kuru, while speaking, challenged the lawmakers on the need to consolidate on the gains of the previous National Assembly. He pointed out that the it is in the interest of the Nigerian economy to recover the debt because AMCON was not established as a charity organisation.

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