By Archibong Jeremiah, House Of Assembly Correspondent
The Cross River State House of Assembly yesterday enacted the “Cross River State Infrastructural Fund Law, 2015.”
The law was enacted by unanimous vote after the bill, sponsored by Hon. Simon Nkoro Egbong representing Ikom 2 state constituency, passed the third reading following its submission to plenary by the House Committee on Finance and Appropriation, chaired by Hon. Eteng Jonah Williams, member representing Yakurr 2 state constituency.
The law has four parts and is aimed at the development of infrastructure and industries in the State.
The law empowers the government to draw funding for the development of infrastructure in the state from, “Investment funds from Donor Agencies and Development Partners, 4% from all Federal sources/accruals to the state, 4% contribution of the Cross River State Local Government Joint Account, 2% contribution from all companies and contractors awarded jobs in the state or who have come to partner with the state to carry out any project, contributions by way of cooperate social responsibility and from any other source”.
The funding is to be managed by the Cross River State Infrastructure Fund Committee.
Furthermore, the law states that the committee shall keep and operate a bank account in a reputable bank approved by the Accountant General of the state. Membership of the committee shall be on part time basis and members of the fund committee shall be paid allowances as are applicable in the State Public Service.
The bill now awaits the accent of the State governor.
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