Committed to providing legislative framework for the creation of a steady stream of income for the State, independent of the dwindling allocations from the Federation Account and to further ensure improved access to justice by the people, the Ogun State House of Assembly has passed six bills transmitted to it by the State Governor, Prince Dapo Abiodun.
The bills which were passed at the plenary presided over by Speaker Olakunle Oluomo including, ” HB.NO 52/OG/2020- Ogun State Bonds, Notes and other Securities Issuance Law, 2020- A Bill for a law to repeal the Ogun State Bonds, Notes and other Securities Issuance Law, 2012 and enact the Ogun State Bonds, Notes and other Securities Issuance Law, 2020 and for other connected purposes; HB.NO 53/OG/2020- the Ogun State Debt Management Office (Establishment, etc) Law, 2020- A Bill for a law to repeal the Ogun State Debt, Management Office Law, 2012 and enact the Ogun State Debt, Management Office Law, 2020 and for other connected purposes; HB.NO 54/OG/2020- the Pension Reform Law of Ogun State, 2020- A Bill for a law to repeal the Pension Reform Law, 2006 and enact the Pension Reform Law, 2020 to make the provision for the uniform contributory pension scheme for employees in the public service of Ogun State and for other related matters” .
Others were “HB.NO 55/OG/2020- Enact the Ogun State Fiscal Responsibility Law, 2020- A Bill for a law to provide for prudent management of the State’s Resources, ensure long term macro-economic stability of the State Economy, secure greater accountability and transparency in fiscal operations within a Medium Term Fiscal Policy Framework, and the establishment of the Fiscal Responsibility Commission to ensure the promotion and enforcement of the State’s economic objectives; and for related matters”. Also included was a bill titled: “HB.NO 56/OG/2020- Establish the Ogun State Multidoor CourtHouses Law, 2020- A Bill for a law to establish the Ogun Multi-door Courthouse and other matters connected therewith”, as well as “HB.NO 57/OG/2020- The Ogun State Parks and Garages Development Board Law, 2020- A Bill for a law to repeal the Ogun State Parks and Garages Development Board Law, 2004 and Enact the Ogun State Parks and Garages Development Agency Law, 2020”.
The passage of the bills followed the presentation of reports by the Chairman of the Finance and Appropriation Committee, Hon. Kunle Sobunkanla, Vice Chairmen of Establishments and Public Service Matters, Kemi Oduwole, his Justice, Ethics and Public Petitions counterpart, Akeem Balogun and that of Transportation, Abayomi Fasuwa, who thereafter moved the motion for the adoption of their separate reports seconded by Honourables Ganiyu Oyedeji, Abdul Bashir Oladunjoye, Sikirat Ajibola as well as Atinuke Bello and supported by other lawmakers. The bills were later read and adopted clause-by-clause by the Committee of the Whole.
The motion for the third reading of the bills was later moved by the Majority Leader, Yusuf Sheriff, seconded Bolanle Ajayi, Abdul Bashir Oladunjoye, the Deputy Speaker, Oludare Kadiri, Ganiyu Oyedeji, Musefiu Lamidi, and Ademuyiwa Adeyemi respectively; while the Clerk and Head of Legislative Service, ‘Deji Adeyemo did the third reading of the bills before the lawmakers.
Responding, Speaker Oluomo, thereafter directed that the clean copies of the six bills be forwarded to the State Governor, Prince Governor Dapo Abiodun for his assent.
It would be recalled that the Speaker had earlier acknowledged the receipt of the Governor’s correspondence proposing the six bills to the legislative arm, stating that such became necessary in view of the dire impact of the covid-19 pandemic on the nation’s economy as well as that of the States’, which made it imperative for governments at all levels to devise innovative ways to strengthen their respective revenue sources.
According to the Governor, the State was required to update all relevant laws towards bringing them at par with the Bonds Market regulators’ requirements with a view to accessing Nigeria’s Bond Market at raising part of the crucial funding required.
This key requirement, the Governor noted led to the comprehensive review and proposal of the re-enactment of the Bonds, Notes and other Securities Law, the Debt Managements Office Law as well as the Pension Reform Law; while proposing an update and passage of the Fiscal Responsibility Law which had since been on the drawing board.
The letter partly reads, “here in Ogun State, we have been exploring different options of raising funds to finance infrastructural development and attract more investors into the State. Our overreaching objective is to generate a quantum increase in revenue that will invariably free the State from the crippling dependence on allocations from the Federation Account.
The Multi-door Courthouse bill seeks to provide formal legal backing for our already functioning Multi-door Courthouses and greater access to justice for our teeming population through various Alternative Dispute Resolution platforms, while the Parks and Garages Development Board (Amendment) Bill seeks primarily to transform the Board into an Agency and enhance its regulatory credentials”, the letter stated.
