Establishment of DMO ‎scales second reading in Enugu Assembly

The bill for a law to provide for the establishment of Enugu State Debt Management Office, DMO, and Other Matters Connected Thereinwith, House Bill No. 11, 2017, yesterday scaled the second reading.

The executive bill sponsored by the Leader of the House, Hon. Ikechukwu Ezeugwu, sparked a robust debate on the floor of the House as to the merits and demerits of the bill.

However, he said that it was timely and would bring about prudence in the management of resources that accrues to the state and the liabilities there with.

Urging his colleagues to support the bill for its eventual passage into law, Leader of the House, Ezeugwu stressed on the importance of the bill which he said that when DMO is established, it would advise the government on how to handle the debts that accrue to the state and ensure that no individual or organisation rips of the government.

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Ezeugwu went down the Memory Lane and pointed out how Nigeria was so rich in the past that she never thought of conserving the available resources but now that the nation is in financial straits, there is need to manage debts well so that everybody enjoys.

Contributing to the debate, member representing Igbo Eze South State Constituency, Hon. Matthew Ugwueze, said that the importance of the bill could not be over-emphasised. He said that it was proper management of debts which was introduced by former President Obasanjo and sustained by Jonathan that helped Nigeria to stay afloat financial.

Ezeugwu said that the establishment of the Debt Management Office, DMO, would bring in money manager, financial experts that would manage the Enugu State Government debts to the benefit of all citizens of the state.

On his part, Hon Obinna Okenwa, Enugu South, said that the DMO when established will go a long way in providing funds for the state alone not managing of debts alone. He noted that banks and financial institutions will never shortchange the state through excessive charges especially interest on loans.

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The deputy speaker, Hon. Dons Uzogbado while voting in favour of the bill noted that there were some sections that needed to be amended before the passage of the bill into law.

The member representing Baulks East, Hon. Chinedu Nwamba said that DMO would check excessive and unwarranted borrowing. “This will help check borrowing without control and paying more than what should be paid,” he said.

Before handing over the bill to ad-hoc committee members on Finance and Appropriation, Anti-Corruption and Public Accounts, Judiciary, Public Petitions, Ethics and Privileges, Speaker of the House, Hon. Edward Ubosi thanked his colleagues for their robust contributions to the debate, saying that he has seen the effect of the break they had. He gave the joint committees headed by Jon. Chuka Eneh , Udi North, who is also the House Committee Chairman on Finance and Appropriation, one month to submit their report.

Meanwhile, the Enugu State Investment Development Authority Law (Amendment) Bill was introduced in the floor of the House and debate on it adjourned for a future date. ‎