The Senate on Tuesday passed the Factoring, Assignments and Receivables Financing Bill, 2026, a landmark legislation designed to improve access to finance for businesses, enhance liquidity and promote domestic and international trade.
The bill, which scaled third reading during plenary, seeks to establish a comprehensive legal framework for receivables financing, a system that allows businesses to convert unpaid invoices into immediate cash by selling them to financiers at a discount.
Lawmakers considered and adopted the bill in the Committee of the Whole before its final passage.
Leading debate on the legislation, Senate Leader, Senator Opeyemi Bamidele, moved the motion for the bill’s third reading and urged lawmakers to support its passage.
The motion was seconded by the Minority Leader, Senator Abba Moro, who backed the measure and highlighted its expected benefits for businesses and the broader economy.
Following a voice vote, the President of the Senate, Senator Godswill Akpabio, announced
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