Oyo Assembly approves law to regulate its spending

THE Oyo state house of assembly has passed into law the Self Accounting bill which will ensure that the assembly has a financial accounting system that regulates its spending.

The law, upon the assent of Governor Abiola Ajimobi, guarantees that the state accountant general on a monthly basis transfers one-twelfth of the budget sum approved to the House of Assembly’s account.

As presented by Chairman, House Committee on Public Accounts, Finance and Appropriation, Honourable Bolanle Agbaje, the law confers on the Speaker an approval limit of N10 million per ledger while the Clerk has an approval limit of N500,000 per ledger.

Agbaje who prayed that the implementation of the law commences in the 2017 fiscal year, said the House will be empowered to carry out basic projects like fix damaged structures in their offices.

Similarly, Speaker of the assembly, Honourable Michael Adeyemo noted that the law will enhance financial transparency and engender financial autonomy, in the long run.

He added that the law will enable the house approve of basic purchases without much bureaucracy and largely facilitate effective performance of the legislature as a critical arm of government.

He however noted that the assembly still took recourse to the tender committee and the house service commission for the approval of its spending.

In addition, Chairman, House committee on Information, Honourable Joshua Oyebamiji said the self accounting law provided a legal framework for the financing of the Assembly.

He also noted that the law would foster financial accountability and transparency of the legislature, in line with global practices.