The Imo State House of Assembly yesterday said that it has passed into law the Imo debt management bill, in order to provide an office for a data base to regulate Government’s borrowing.

The Deputy Speaker of the House of Assembly, Rt Hon. Amara Iwuanyanwu, disclosed this to newsmen in Owerri, while commenting on the reasons behind the passage of the bill into law.

According to him, through this law, “We want to Establish a Debt Management Office to provide a data base to regulate Government’s borrowing, and ensure proper management and administration of the State Government debt loan and related facilities by the Government.

“Even till this moment, we cannot say how much loan has been taken by the past governments. We cannot account for facilities taken by past administrations talk more of where they had been applied. Management Office would help curb the unnecessary application for loans and misapplication of the funds when released.”

Also, he said that another bill that was passed into law by the House, was the law to provide for Audit Service Board in the offices of the State Auditor General, and Auditor General for Local Government and other related matters.

According to him, “The law Is for the purpose of guaranteeing accountability and transparency in the use of public funds. The Bill also captured the autonomy, independence and neutrality in the conduct of audit in Imo State.”

However, the Imo state governor, Hope Uzodimma, is expected to sign into law the two executive bills passed by the state House of Assembly.

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