[url]http://www.thenationonlineng.net/2011/index.php/news-update/14386-fashola-signs-bill-to-regulate-govt%E2%80%99s-borrowing.html[/url]
By Miriam Ndikanwu1 hour ago

Lagos State Governor Mr. Babatunde Fashola yesterday assented to a bill geared towards curtailing the powers of his administration to borrow funds for implementation of capital projects.

The bill titled; ‘Bill to Regulate Financial Management of the State, Local Government and Local Council Development Area’ will also help checkmate the spending power of the state government, local governments and local council development areas as well as hold public officers accountable for funds placed in their trust.

Fashola in signing the law at the Conference Room, said it was in consonance with the problems besieging the nation today.

The law seeks to regulate the state and local governments in the way funds put in the trust of public officers are managed and to the extent that it seeks to utilise those funds to the manner that gives greatest value for money. The challenges before us, is the urgent need to renew decadent infrastructure and provide new infrastructure in many places where they are not in existence", he said.

"That should be the test for any law that parliament or government is either passing or championing", he added.

Fashola, who also assented a Bill to establish Customary Court said the law would help to regulate and promote the administration of justice with regards to customary courts and practices.

"It helps us to promote the values that are essentially ours, that defines our origin, but perhaps more importantly, it helps the executive arm give meaning to the outlook of government. It will help us complete the administration of justice, not just the apprehension of offenders we are concerned about or the management of civil order, but also, where there are disputes, offenders are apprehended, they get justice very quickly and efficient time and you need good courts to do that, including civil disputes", Fashola added.

Presenting the bills to the governor, Majority Leader of the House of Assembly, Ajibayo Adeyeye explained that the Customary Court Law also empowers the Judicial Service Commission to establish Customary courts in the state.

On the Financial Management Law, Adeyeye said it seeks to legitimise modern day financial best practices that the state government has brought to fore in the last four years.

"All revenues henceforth shall be deposited in the State Consolidated Revenue Fund (CRF) except for funds set out for specific purposes. The bill also prescribes the process for withdrawal from the CRF and also establishes the Development Fund from which all capital expenditure in the state shall be paid", Adeyeye explained.

"It helps us to promote the values that are essentially ours, that defines our origin, but perhaps more importantly, it helps the executive arm give meaning to the outlook of government. It will help us complete the administration of justice, not just the apprehension of offenders we are concerned about or the management of civil order, but also, where there are disputes, offenders are apprehended, they get justice very quickly and efficient time and you need good courts to do that, including civil disputes", Fashola added.

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