By Bassey Inyang
Correspondent, Calabar
The Cross River State government will soon enact a law to regulate the use of grants and other forms of financial support from donor agencies and international organisations to the state.
To ensure the policy is put in place, a Bill for a law to establish the Counterpart Fund Account and other related matters had been presented to the state House of Assembly.
The bill is sponsored by the member representing Abi State Constituency, John-Gaul Lebo, with member representing Ikom I State Constituency, Agbiji M. Agbiji, as co-sponsor.
The bill states that the account shall be managed by the State Counterpart Fund Account Committee which function shall include providing a Counter Fund Account for the state.
It also provides the expected committee the primary duty and responsibility for the management of the Counterpart Fund Account and facilitates the turning of foreign aids into reserves of domestic currency.
If enacted into law, the proposed legislation is expected to promote initiative with socio-economy priority requirement, liaise with donor agencies for monetary contributions to the account.
The law, when operational, would support the attainment of developmental objectives and aspirations of government to achieve the strategic annual sector priorities, promote the account of government, receive and pay into the account and ensure that the State Counterpart Fund operates within the provisions of its mandate.
According to the bill, when passed into law the Account Committee shall consist of a chairman who shall be the governor, a secretary who shall be deployed from the civil service, the Commissioner for Finance, Health, Education and Water Resources and the Special Adviser in charge of the Department of International Development Co-operations.
It stated further that the members of the Account Committee shall serve on a part time bases and shall be paid such allowances as are applicable in the State Civil Service and shall seat in sessions of at list four times in a year and as necessary in situations of Complex State emergencies involving government.
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