By Nick Dugba.
The Taraba state House of Assembly has considered the Taraba state Debt Management Office Establishment Bill 2016, jointly sponsored by Abel Peter Diah,PDP, Mbamnga constituency and John Kizito Bonzena, PDP, Zing constituency.
Leading the debate during a sitting last week presided over by Speaker, Abel Peter Diah, the co-sponsor of the Bill, John Kizito Bonzena, stated that the Bill seeks to domesticate an Act by the National Assembly. He drew the attention of the House to the current recession the country was facing saying with the office in place, borrowing would be regulated in the state. He added that though the state has a Debt Management Office, but it needs a legal backing in order to operate effectively.
According to Edward Baraya, PDP, Karim Lamido constituency, who is the House Committee Chairman on Finance and Appropriation, borrowing was fundamental as one can borrow, use the money for its purpose but unable to repay the debt itself. He added that it was not proper for any borrowing to go wrong saying, that is a sign of financial recklessness.
Other members also spoke for the Bill saying it was long overdue.
Speaking at the end of the debate, Speaker of the House and cosponsor of the Bill, Abel Peter Diah, stated that the Bill will ensure a transparent way of doing government business in line with global best practices.
The Bill was then referred to the Committee on Finance and Appropriation for further deliberations and asked to report its findings in three weeks.