The Senate on Tuesday passed for second reading a bill seeking to establish a legal and regulatory framework for virtual assets and digital asset service providers in Nigeria.
The bill, sponsored by the Deputy President of the Senate, Senator Barau Jibrin, received the support of lawmakers during plenary and was subsequently referred for further legislative consideration.
Leading the debate on behalf of Barau, the Senate Chief Whip, Senator Mohammed Tahir Monguno, said the proposed legislation would provide a legal, regulatory and supervisory framework for virtual assets and digital asset service providers operating in the country.
According to him, Nigeria is among the leading users of virtual assets globally but lacks a comprehensive legal framework to regulate the sector.
“Virtual assets, from cryptocurrency to blockchain-based tokens, have become an integral part of modern economic life,” Monguno said.
He added, “While innovation in the sector has surged, regulation has lagged behind. This bill seeks to close that gap and ensure compliance with laws designed to protect the public and the financial system.”
The Senate thereafter referred the bill to the relevant committee for further legislative action.
Earlier, another bill sponsored by Barau, the Nigeria Communications Commission (Amendment) Bill, 2026, passed first reading on the floor of the Senate.
Meanwhile, the upper chamber also called on the Federal Government to take urgent steps to revive Nigeria’s textile industry.
The resolution followed a motion sponsored by Senator Sunday Marshall Katung and co-sponsored by Barau and other lawmakers.
The senators noted that the collapse of the textile industry had resulted in significant job losses and affected economic activities across the country.
Contributing to the debate, Barau said the decline of the sector had deprived many Nigerians of their means of livelihood.
“This issue touches on our overall well-being as Nigerians and on our economy,” he said.
“We have lost thousands of jobs and livelihoods due to the collapse of our textile industry.”
Barau further stated, “By importing 99 per cent of our textile needs, we invariably create jobs for the countries we import from while denying our teeming population these same jobs. We need to reverse this trend to strengthen our economy and improve the welfare of our people.”
Following the debate, the Senate resolved to urge the Federal Government to revive the textile industry, noting that the move could create jobs, stimulate economic activities and help tackle youth unemployment.
Lawmakers also said revitalising the sector would reduce dependence on imported textiles and support industrial growth in the country.
