The Imo State House of Assembly has enacted a law for the establishment of the state debt management office and other related matters.
The law, according to Speaker Paul Emeziem, would help to regulate and sanitise the culture of funds borrowing by the state government, as well as guarantee prudent spending of the loans.
Presenting the bill before its passage into law at the floor of the House yesterday, the chief sponsor, Emeka Nduka, representing Ehime-Mbano state constituency, said the law was in the interest of the state and would help to protect the resources of the state.
The House, after repealing the existing State Audit Law No. 17 of 2016, also enacted a law to provide for the state Audit Service Board, offices of the state auditor-general and auditor-general for local governments and other related matters.
Contributing in support of the law, Amara Iwuanyanwu, deputy speaker (Nwangele), Dominic Ezerioha (Oru West), Arthur Egwim (Ideato North), Kennedy Ibe (Obowo), among others, said the laws would help to guarantee transparency and accountability in the use of public funds.
Read Also: Imo PDP Cautions Gov Uzodinma On Reckless Borrowing
They added that the laws were also healthy for the economy of the state and would strengthen the autonomy of the local government areas, making sure that people give account of their stewardship while in office.
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