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Imo Assembly amends Markets Development Authority Law

Imo House of Assembly amends state Markets Development Authority Law No. 33 of 2019, at the plenary session.

By Victor Nwachukwu

The Imo House of Assembly has amended the state Markets Development Authority Law No. 33 of 2019.
The News Agency of Nigeria (NAN) reports that a bill for the amendment of the law was passed on Wednesday at the plenary session.

The Majority Leader of the house, Mr Kanayo Onyemaechi, told newsmen that the amendment entailed the deletion of Paragraph (b) of Section 18 of the law.

Onyemaechi said he sponsored the bill out of his concern for the rising cases of multiple taxation in various markets in the state.

He also said the amended section bordered on sources of funds and resources of the authority.

According to him, with the amendment, three per cent of funds from the state and local governments joint account shall no longer form part of the revenue for the authority.

He said the authority would now be funded from other sources, including 10 per cent of all the revenues collected from markets in the state.

Onyemaechi said the amended paragraph hitherto provided that the authority shall be funded with three per cent of the state and local governments joint account.

“Paragraph (a) of the same section provides for 10 per cent of all revenues collected from markets to be used as part of funding for the authority.

“This is just enough. The additional three per cent will no longer be necessary.

“The deletion of this aspect of the law is out of concern for the welfare of our people and we believe that this three per cent will be more useful for other development purposes.

“The other aspects of the law remain valid,” the lawmaker said.

He said that Gov. Hope Uzodimma had set up a committee to enumerate the markets for the purpose of clarity and better management of resources by the authority. (NAN)