A bill for a law to regulate the Financial Management of Delta State and other related matters has been read the third time and passed into law by the state’s house of Assembly.
The bill was passed on the floor of the house during the Tuesday plenary presided over by Sherrif Oborevwori, Speaker of the House.
The bill which has Anthony Elekekwuri, the chairman of Assembly Committee on Public Accounts, as the lead sponsor, is to checkmate avenues where public funds are mismanaged in Delta state.
The motion for the third reading of the bill was unanimously adopted when put to voice votes by the Speaker.
Oborevwori while appreciating members for the passage of the bill, said by virtue of the proposed law, prudence, discipline and adherence to financial regulations will be the new order in the management of public funds by Ministries, Departments and Agencies (MDAs) of government in the state.
The bill also places high accountability on Accounting Officers in the MDAs in order to ensure proper management of public funds in line with the extant financial regulations, he added.
In his reaction, Elekeokwuri, the lead sponsor and member representing Ika North East in the house, said the proposed law is to curb corruption in financial management in the state.
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He explained that the bill provided the expected internal guidelines, rules, regulations and procedures for the security and effective check on the assessment, collection and accounting of revenues in the state.
The lawmaker maintained that the proposed law would ensure prudence, accountability and transparency in the expenditure of public funds in the state.
Elekeokwuri stated that violators of the new law would face jail terms or payment of fine not below five hundred thousand naira or both.
He was optimistic that the bill would be quickly acceded to by the governor just as he commended his colleagues for their commitment “to the passage of the very important bill.”
Also at plenary, the House approved two requests by the Governor for bridging finance facilities in favour of the Delta State Government.
The letters forwarding the two requests amounting to the sum of fifty billion naira was read by the Speaker, Sherrif Oborevwori.
The motions for the approvals of the two requests were moved by Ferguson Onwo, the majority leader, and adopted unanimously.
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