The Osun Assembly on Friday passed a bill regulating the administration of the state local government accounts with commercial banks and financial institutions.

The bill titled “Osun State Local Government Account Administration Bill 2025” was introduced by the Speaker of the Assembly, Mr Adewale Egbedun.

The News Agency of Nigeria reports that the bill was introduced during plenary and passed in quick succession till its third reading.

The Majority Leader, Mr Adewunmi Babajide, said under Order 80 Rule 1 of the Assembly, “Every bill shall receive three readings before passage, but two-thirds of the lawmakers can fast track a bill’s passage.”

Babajide, while reading the policy trust of the bill, said in accordance with Section 7(1) of the 1999 Constitution, local governments’ existence and operation are provided for, but the statutory allocation and internal revenue of the local governments must be guided.

The speaker, while reading and presenting the bill during the committee of the whole, stated that all local government accounts shall now be opened and operated in accordance with the bill.

“These include two signatories to each local government account who must be the Director of Finance and the Director of Administration and General Services.
“That the Permanent Secretary of the Osun Civil Service Commission must issue a signed letter of introduction to any commercial bank or financial institution, introducing the signatories,” he stated.

He said no political officeholder or appointee shall be or be allowed to be a signatory to any local government account opened or to be opened by any local government in the state.

“Any person, body, commercial bank, agency, organisation, group or entity who opens, operates, maintains and allows the opening, operation or maintenance of a local government account, contrary to the provision of the bill, shall be guilty of an offence and liable on conviction to five years imprisonment or a fine of N50 million or to both,” he said.

He said that any further amendment to the passed bill would be done administratively.

The Speaker announced that a clean copy of the passed bill would be transmitted to Gov. Ademola Adeleke for assent. (NAN)