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The Senate on Tuesday moved forward with a bill aimed at creating a comprehensive legal framework for virtual assets in Nigeria, while also calling for immediate measures to restore the nation’s declining textile sector.

The proposed legislation, sponsored by Deputy Senate President Barau Jibrin, successfully passed its second reading during plenary after receiving unanimous backing from senators.

Presenting the bill on behalf of the sponsor, Senate Chief Whip Mohammed Tahir Monguno said the legislation seeks to provide regulation for virtual assets and digital asset service providers operating within the country.

He noted that despite Nigeria ranking among the leading users of virtual assets globally, there is still no adequate legal structure governing the rapidly expanding industry.

“Virtual assets, from cryptocurrency to blockchain-based tokens, have become an integral part of modern economic life,” Monguno said.

According to him, the growth of the sector has significantly outpaced regulatory efforts.

“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,” he said.

Following deliberations, lawmakers unanimously approved the bill and referred it to the appropriate committee for further legislative consideration.

Earlier during the session, another piece of legislation sponsored by Barau Jibrin, the Nigeria Communications Commission (Amendment) Bill, 2026, successfully passed its first reading.

In a separate development, the Senate adopted a motion urging the Federal Government to take decisive action towards reviving Nigeria’s textile industry, which lawmakers described as one of the sectors hardest hit by years of decline.

The motion was sponsored by Senator Sunday Marshall Katung and co-sponsored by Deputy Senate President Barau Jibrin alongside other senators.

Contributing to the debate, Barau lamented the devastating impact the collapse of the textile industry has had on employment and livelihoods across the country.

“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.”

He further expressed concern over the country’s heavy dependence on imported textile products, describing it as detrimental to local economic growth.

“By importing 99 per cent of our textile needs, we are creating jobs for other countries while denying our own people these opportunities,” he said.

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