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 the Speaker, Paul Emeziem, would help to regulate and sanitise the culture of borrowing by the state government as well as guarantee prudent spending of the loans.
Presenting the bill before its passage at the floor of the House, yesterday, the sponsor, Emeka Nduka, a member 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 Councils 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 ensure and guarantee transparency and accountability in the use of public funds.
They added that the laws would be healthy for the economy of the state, strengthen the autonomy of the local councils and ensure that people give an account of their stewardship while in office.