The Imo House of Assembly, on Wednesday, amended the state’s Markets Development Authority Law No. 33 of 2019 at the plenary session.
This is coming a few days after the suspension of six lawmakers of the assembly.
Speaking to newsmen, the Majority Leader of the House, Mr Kanayo Onyemaechi, said that the amendment entails the deletion of Paragraph (b) of Section 18 of the Law.
Onyemaechi who represents Owerri West constituency in the Assembly said that he sponsored the bill out of concern for rising cases of multiple taxations in various markets in the state.
He also said that the amended section bothers on sources of funds and resources of the Authority.
He added that with the amendment to the Law, three per cent of funds from the state and local governments joint accounts shall no longer form part of revenues for the Authority.
He further said that the Authority would now be funded from other sources including 10 per cent of all revenues collected from markets across the state.
“Paragraph (a) of the same section provides for 10 per cent of all revenues collected from markets in the state to be used as part of finding for the Authority and this is just enough, the additional three per cent will no longer be necessary,” he said.
The majority leader said that the deletion of that aspect of the law was done out of concern for the welfare of the people of Imo State, adding that the three per cent would be more useful for other development purposes and other aspects of the law remain valid.
He, however, said that Governor Hope Uzodimma had set up a committee to enumerate markets across the state for purposes of clarity and better management of resources by the Authority.
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