Three financial instrument bills, including one which will mandate the Ministry of Finance to provide regular information on the debt burden of the State to the Legislature has scaled through second reading on the floor of the Bayelsa State House of Assembly.
The proposed legislations which received major support from majority of the lawmakers during plenary are , amendments to the Bayelsa Debt Management Office , Fiscal Responsibility, Repeal and reenactment of the Public Procurements laws.
In the same sitting, the Bayelsa Board of Internal Revenue Bill was also read for the first time .
Speaking on the three bills on the floor of the Bayelsa State House of Assembly in Yenagoa, sponsor and Majority Leader, Monday Edwin-Obolo explained the legislations became imperative to reposition the state’s finances in line with acceptable global standards.
According to Obolo, the Debt Office Management Office Amendment bill number three will ensure transparency and accountability in the management of the state’s financial resources, while amendment to the fiscal responsibility law would promote prudent management.
On the Public Procurement Repeal and Reenactment Law, the Majority Leader said the move became necessary to improve the scope of management, professionalism and transparency in order to attract favourable partnerships with donor agencies.
Following favourable deliberations the bill were latert committed to the House Committee of the Whole for Expeditious passage.
In the same sitting, the the Bayelsa State Board of Internal Revenue Bill was read for the first time.