Barau hails progress of telecommunications, digital assets bills in senate

Politics

ABUJA, Nigeria (NPA) — Deputy President of the Senate, Senator Barau I. Jibrin, has expressed satisfaction over the progress of two legislative proposals he sponsored, following their advancement through various stages of consideration in the Senate.

In a statement on Tuesday titled “Today’s Senate Plenary at a Glance,” Barau disclosed that one of the bills, the Nigeria Communications Commission Act (Amendment) Bill, 2026, successfully passed its first reading during Tuesday’s plenary session.

According to him, the bill was among four legislative proposals introduced and considered at the first reading stage.

The second proposal, titled ‘A Bill to Establish a Comprehensive Legal, Regulatory and Supervisory Framework for Virtual Assets and Digital Asset Service Providers in Nigeria’, scaled second reading after receiving broad support from lawmakers.

The Deputy Senate President said the bill seeks to provide a comprehensive legal framework for the regulation of virtual assets, cryptocurrencies, and digital asset service providers operating within the country.

As the presiding officer during plenary, Barau said the lead debate on the bill was presented on his behalf by the Senate Chief Whip, Senator Mohammad Tahir Monguno.

He noted that Nigeria ranks among the world’s leading users of virtual assets and digital financial products, but lacks a comprehensive regulatory framework to govern the rapidly expanding sector.

According to him, the proposed legislation is designed to address existing regulatory gaps, promote compliance, protect investors, and strengthen the integrity of the nation’s financial system.

“The world over, virtual assets, from cryptocurrency to blockchain-based tokens, have become an integral part of modern economic life. Yet there exists a gap in terms of a comprehensive legal and regulatory framework in this important sector,” he said.

Barau added that senators unanimously supported the proposal before it was approved for second reading and referred for further legislative action.

The Senate also advanced two other bills during the session.

They include a bill seeking to repeal the Institute of Chartered Secretaries and Administrators of Nigeria Act and replace it with the Chartered Governance Institute of Nigeria, as well as a bill proposing the establishment of the Chartered Institute of Safety Engineers of Nigeria.

Both bills passed second reading and were subsequently referred to the relevant committees for further scrutiny.

Meanwhile, the Senate debated and adopted a motion on the urgent need to revive Nigeria’s textile industry.

The motion, sponsored by Senator Sunday Marshall Katung and co-sponsored by Barau and several other lawmakers, highlighted the economic consequences of the decline of the once-thriving sector.

Speaking during the debate, Barau said the collapse of the textile industry had resulted in the loss of thousands of jobs and livelihoods across the country.

He argued that Nigeria’s heavy reliance on imported textile products has continued to create employment opportunities abroad while limiting job creation for Nigerians.

“We have lost thousands of jobs and livelihoods due to the collapse of our textile industry. By importing 99 per cent of our textile needs, we create jobs for other countries while denying our people similar opportunities,” he said.

The Deputy Senate President stressed the need for deliberate policies to reverse the trend, strengthen local production, stimulate economic growth, and improve the welfare of citizens.

Following deliberations, the Senate resolved to urge the Federal Government to take urgent steps towards reviving the textile industry as part of broader efforts to create jobs, boost industrialisation, and address youth unemployment and restiveness.

The Senate adjourned plenary and is expected to reconvene on Wednesday, June 10, 2026.