President Muhammadu Buhari has informed the Senate on his decision to withhold assent on the Federal University of Wukari (Establishment) Bill, 2017 and the Chartered Institute of Treasury Management (Establishment) Bill, 2017 it had passed.

In his letter read by the Senate President, Sen. Bukola Saraki (APC:Kwara) at the plenary session of Tuesday, 21 November 2017, President Buhari stated that his rationale for withholding assent to the Federal University of Wukari (Establishment) Bill, 2017, bordered on certain words and phrases utilized in the Bill which was applicable to the Chartered Institute of Treasury Management (Establishment) Bill, 2017.

In addition, the President stated that the Chartered Institute of Treasury Management (Establishment) Bill, 2017 contained the phrase “treasury management” which was not defined in the Bill and more clarity would be required as regards the impact of the Bill on the Central Bank of Nigeria’s regulation of treasury managers in the Bank and the affiliation between the proposed institute and existing professional institutes which regulates treasury managers in Nigeria.

However, the President, in separate letters to the Senate presented three executive Bills for consideration and passage. These include the Nigeria Natural Medicine Development Agency (Establishment) Bill, 2017; Federal Institute for Industrial Research (Establishment) Bill, 2017 and Raw Materials Research and Development Council (Repeal and Re-enactment) Bill, 2017.