Federal Data Bank Establishment Bill Passes First Reading, Senate Moves

The Senate on Wednesday has set machinery in motion to establish the Federal Data Bank by passing for first reading, a bill sponsored to that effect by Senator Jimoh Ibrahim (APC Ondo South).

The bill titled: “A Bill for an Act for the establishment of a Federal Data Bank would cover every sector of the economy and provide data for development for the public and private sectors during plenary.

According to Techopedia, a data bank is a well-organized and maintained collection of data for easy consultation and use. This data repository is made accessible on local and remote servers, and can contain information about a single, dedicated subject or multiple subjects in a well-organized manner.

Senator Ibrahim in a chat with journalists said the objectives for the bill is to provide for an Act for the establishment of the Federal Data Bank that would cover every sector of the economy and provide data for development for both the public and private sectors.

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Ibrahim noted that data is critical to economic planning and development, making the need for a Data Bank very important in any vibrant economy and for in-depth insights into customer behaviour, the state of internal processes and external risks, which will give room for variety, volume, velocity and value.

“There is a need for the Federal Government and stakeholders to invest in a data bank that will drive the growth agenda.

“Centralised data bases make managing and accessing information for national development easier.

“This is especially important for countries with a large amount of data, or that need to store data for an extended period.”

He added that all levels of government can also benefit from the federal to local government level with access to information.