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Nigeria’s President Jonathan speaks on facebook

President Goodluck Jonathan’s facebook posting this morning

In fulfilment of this administration’s goal of stimulating economic recovery, restoring confidence in the banking sector and the capital market as well as improving Nigeria’s international credit and risk ratings, I signed into law the Asset Management Corporation of Nigeria (AMCON) Bill.

AMCON has a mandate to restor…e the health of troubled banks by buying up their bad loans. The immediate impact of this bill is to ease the liquidity crunch experienced in the financial sector by helping struggling banks remain solvent, retain their employees as well make it easier for businesses particularly small and medium scale enterprises to access credit facilities.

The signing of this bill further demonstrates this administration’s commitment to safeguard the interest of depositors, creditors and other stakeholders in the financial system.

Government must look out for the masses of our people who borrow responsibly to open bukkas, barbershops, garri processing plants, fish farms, small scale produce farms or to invest in their children’s education.

It is my promise to do everything within my constitutional powers to make sure that every legitimate borrower has access to funds and to make sure that those who borrow without the intention of repaying are made to face the full wrath of the law irrespective of their status.