Senate advances bill to regulate digital assets, moves to revive textile industry

The Senate connected Tuesday precocious a measure seeking to found a wide ineligible and regulatory model for virtual assets successful Nigeria, portion besides pushing for urgent enactment to revive the country’s struggling textile industry.
The bill, sponsored by the Deputy President of the Senate, Barau Jibrin, scaled 2nd speechmaking during plenary with unanimous enactment from lawmakers.

Leading the statement connected his behalf, the Senate Chief Whip, Mohammed Tahir Monguno, said the projected instrumentality is designed to modulate virtual assets and integer plus work providers operating successful the country.

He explained that Nigeria is already 1 of the highest users of virtual assets globally, but inactive lacks a due ineligible operation to usher the sector.

“Virtual assets, from cryptocurrency to blockchain-based tokens, person go an integral portion of modern economical life,” Monguno said.

He added that regularisation has not kept gait with the maturation of the sector.

“While innovation successful the assemblage has surged, regularisation has lagged behind. This measure seeks to adjacent that spread and guarantee compliance with laws designed to support the nationalist and the fiscal system,” helium said.

After the debate, senators unanimously supported the measure and referred it for further legislative work.

Earlier, different measure sponsored by Barau Jibrin, the Nigeria Communications Commission (Amendment) Bill, 2026, besides passed its archetypal reading.