Nigeria’s President Muhammadu Buhari has refused to sign bills establishing the University of Wukari and the Chartered Institute of Treasury Management
Senate President Bukola Saraki read two letters from the President where he explained his decision not to sign the bills on the floor of the Senate on Tuesday.
Buhari said “the rationale for withholding assent are regarding certain words and phrases utilised in the bill.
“For instance, statutes should replace regulation throughout the bill for consistency. Paragraph 9 (1) of the first schedule should refer to the president and not the visitor and paragraph 5 of the first schedule should refer to sub paragraph 2 and not sub paragraph 3.”
Similarly, the president withheld his assent to the Chartered Institute of Treasury Management Establishment Bill 2017 for the same reason.
In another letter read at the two chambers of the National Assembly on Tuesday, Mr. Buhari said “The rationale for withholding assent are regarding the scope of phrases utilised in the bill.”
“For instance, the phrase ‘treasury management’ is not defined in the bill. Greater clarity maybe required regarding the impact of the bill on the Central Bank’s regulation of treasury managers in banks and the relationship between the professional institutes and other existing professional institutes that regulate treasury managers in Nigeria.”