A Bill to establish the Akwa Ibom State Fiscal Responsibility Board has been read for the third time at today’s plenary and passed into law by the Akwa Ibom State House of Assembly.
This follows a report submitted by the Chairman of the House Committee on Finance and Appropriation, Rt Hon Uduak Odudoh (member representing Ikot Abasi /Eastern Obolo State Constituency).
According to the report, the Board when established will ensure prudent management of state resources as well as ensure accountability and transparency in fiscal operations. It will also ensure disclosure of information relating to revenue and other transactions in the state.
The setting up of the Board is in compliance with international best practices since the State budget is based on empirical analysis.
Also, the law will bring the state into better compliance with economic objectives of government as enumerated in Section 16 of the Constitution of the Federal Republic of Nigeria (as amended).
The House which dissolved to the Committee of the Whole to consider the Report gave a unanimous assent that the bill be passed into law.
The Speaker therefore directed the Clerk of the Assembly, Mrs Mandu Umoren to communicate the passage of the bill to Governor Udom Emmanuel for further action.