The President of the Senate, Godswill Akpabio, has announced significant legislative progress on two bills sponsored by him during Tuesday’s plenary session of the Senate.
One of the bills, the Nigeria Communications Commission Act (Amendment) Bill, 2026, successfully passed its first reading alongside three other bills, marking the beginning of its legislative journey.
Another bill sponsored by the Senate President, titled “A Bill to Establish a Comprehensive Legal, Regulatory and Supervisory Framework for Virtual Assets and Digital Assets Service Providers Operating within the Federal Republic of Nigeria, and for Related Matters, 2026,” scaled second reading after receiving broad support from lawmakers.
The lead debate on the bill was presented by the Senate Chief Whip, Mohammad Tahir Monguno, on behalf of the Senate President, who presided over the plenary.
Speaking on the importance of the legislation, the Senate President noted that virtual assets, including cryptocurrencies and blockchain-based tokens, have become a major component of the global economy, with Nigeria ranking among the leading countries in virtual asset adoption.
Kano first
He explained that despite the rapid growth of the sector, Nigeria lacks a comprehensive legal and regulatory framework to guide its operations. According to him, the proposed legislation seeks to bridge this gap by establishing clear rules that will protect investors, ensure compliance, and safeguard the nation’s financial system.
Following extensive deliberations, senators unanimously supported the bill, which was subsequently referred for further legislative consideration after passing second reading.
Other Bills Advance
The Senate also passed second reading for two additional bills:
A Bill seeking to repeal the Institute of Chartered Secretaries and Administrators of Nigeria Act and establish the Chartered Governance Institute of Nigeria.
A Bill proposing the establishment of the Chartered Institute of Safety Engineers of Nigeria to regulate safety engineering practice and professional standards in the country.
Both bills were referred to the relevant Senate committees for further scrutiny.
Senate Calls for Revival of Textile Industry
In a related development, the Senate debated and adopted a motion sponsored by Sunday Marshall Katung and co-sponsored by several lawmakers, including the Senate President, on the urgent need to revive Nigeria’s textile industry.
During the debate, lawmakers expressed concern over the collapse of the once-thriving sector, which they said resulted in the loss of thousands of jobs and economic opportunities.
The Senate observed that Nigeria currently imports the vast majority of its textile needs, thereby creating employment opportunities abroad while local industries remain dormant.
As part of its resolutions, the upper chamber called on the Federal Government to take urgent steps toward revitalizing the textile industry, stressing that such action would boost local production, create jobs, and help address youth unemployment and insecurity.
The Senate adjourned plenary and is scheduled to reconvene on Wednesday, June 10, 2026.