Financial Autonomy: Oyo Assembly Passes Legislative Funds Management Bill
As part of major condition for the implementation of financial autonomy for State Legislatures across the Country, the Oyo State House of Assembly has passed its Funds Management Bill, 2021 into Law.
The Bill tagged Oyo State House of Assembly Funds Management Bill, 2021 was passed Thursday at a plenary session presided over by the Speaker Oyo State House of Assembly, Mr Adebo Ogundoyin.
The Chairman House Committee on Finance and Appropriation, Mr Akeem Mustapha, (Kajola) had earlier presented and submitted the report of the Committee on the bill before the House.
The Speaker after the passage of the Bill said it was meant to ensure accountability, transparency and efficient utilization of funds accruing to the Oyo State House of Assembly from the consolidated funds of the State.
Mr Ogundoyin stated further that the Legislature was optimistic that the Bill will be assented to by Governor Seyi Makinde very soon.
The Bill which is meant to enhance and ensure proper management of the income and expenditure of the Legislature is being deliberated and considered by State Houses of Assembly across Nigeria.
When it becomes operational, the Funds Management Law wi give total freedom to the State Legislatures and put an end to their dependence on the Executive arm of Government.
It will also guarantee the rule of law, and enhance the concept of separation of power.