Let me once more thank all the good people of our dear state for the support and solidarity shown to me, before, during and after my election and now as Governor. In my inaugural speech, I promised a paradigm shift in the governance culture of our state. In fulfillment of this promise, I have already sent the BAYELSA STATE TRANSPARENCY BILL 2012 to the State House of Assembly. The bill has already passed 1st reading and is receiving expeditious consideration in the House. The purpose of this crucial bill is to make it obligatory for us as a state government and the local government councils to publicly declare to Bayelsans, all revenues that accrue to us.
I have also sent to the House, four (4 ) other bills which are also receiving due consideration. They are:
1. BAYELSA STATE COMPULSORY SAVINGS BILL 2012
2. BAYELSA STATE COLLEGE OF ARTS AND SCIENCE (RE-ESTABLISHMENT) BILL 2012
3. BAYELSA STATE SECRET CULT AND KIDNAPPING AND SIMILAR OFFENCES (PROHIBITION) BILL 2012
4. BAYELSA STATE THANKSGIVING DAY BILL 2012.
On transparency, we believe that it is the right of the people of the state, to know what funds accrue to the coffers of the state and the various local government councils and how they are utilised. This is the only way to secure the trust and confidence of the people in whom sovereignty lies.
My fundamental belief in this principle informed my active participation in the passage of the Freedom of Information Bill (FOIB) during my service as a member of the House of Representatives. I served as the Chairman of the Committee of Chairmen on the FOI Bill and Vice Chairman of the National Assembly Harmonization Committee on same. .
It is no longer news that we inherited an empty state account with a huge debt profile that seemed to have mortgaged the future of the state before we came to its rescue. We have set up a committee to ascertain the actual level of indebtedness which shall be made public as soon as the Committee concludes its work.
As I have stated, the people of Bayelsa State would henceforth be briefed monthly, on revenues accruing to the state and expenditure. I have directed all local government chairmen to comply with this paradigm shift on the issue of transparency, probity and accountability, to reflect the new Bayelsa we are building.
For the month of February 2012, Bayelsa State received a total of N15.6b as Federal Allocation. The total breakdown of inflow as well as deductions and expenses made are as follows;
A. INFLOW
STATUTORY ALLOCATION N 1,899,070,089.59
DERIVATION N 7,800,298,967.46
N 9,699,369,054.05
FAAC DEDUCTIONS (2,455,262,527.16)
7,244,106,526.89
VARIANCE (SHORT FALL) 5,911,077.95
NET STATUTORY ALLOCATION RECEIVED 7,238,195,448.94
6TH NNPC REFUND 311,669,296.40
AUGMENTATION 5,759,097,233.33
EXCESS CRUDE 2,362,629,630.43
NET FAAC INFLOW 15,671,591,609.10
B. OUTFLOW
1. SALARIES 4,152,506,437.06
2. OVERHEADS 684, 960,000.00 4,837,466,437.06
C. FIRST BANK deductions
1. FBBN- Loan repayment 515,000,000.00
2. FBBN- TOD repayment 1,500,000,000.00
3. FBBN- TOD repayment 1,700,000,000.00
4. ISPO-SNECOU 300,000,000.00
5. ISPO- FIRS 200,000,000.00
6. ISPO- SKYE (MDGS) 249,756, 384.19
7. 5% RESERVE 100,000,000.00
8. GARNISHEE PAYMENT- 206,000,000.00
NIDAT INVET LTD
9. GTB- (SUBEB & MDGS) 105,708,711.33
10. BANK CHARGES 56,491,844.71 4,932,956,940.23
TOTAL OUTFLOW 9,770,423,377.29
There is therefore a balance of N5,901,168,231.81.
From this balance, I have directed the opening of two special accounts. The first is the Bayelsa State Strategic Development Project account with UBA domiciled in Yenagoa with Account Number 1016076344. This account is dedicated to funding strategic investments in infrastructural development, agriculture, tourism, education, health and security. Our target is to build up these reserves to enable the award of contracts in compliance with applicable statutes on fiscal responsibility which require that contractual commitments by government should have adequate funding provided.
The second account is the Bayelsa State Strategic Reserve & Savings Account with FCMB domiciled in Yenagoa, with Account Number: 0281206040. This account as the name implies, is a an interest yielding account dedicated to providing savings for the raining day as a stabilization for our economy in the event of any unforeseen shock. Today, the account has a balance of Two Billion Naira (N2b).
The Bayelsa State Compulsory Savings Bill 2012, makes it mandatory for the state to make savings in this Account. By the provisions of the proposed bill, funds in the account cannot be accessed by anybody, except for specific purposes and only with 2/3rd approval of the State House of Assembly. There is also proposed a State Reserves Funds Management Council to be composed of persons of proven integrity, which will advise government on the utilization of this fund.
Fellow Bayesians, since I resumed duty 30 days ago, we have implemented a new regime of prudence in public expenditure which is a cardinal principle of our financial management. As you can see clearly from the expenditure statements, for this month alone, the sum of N4.1b was paid as salaries of civil servants. This excludes about N100m outstanding claims by the State Universal Basic Education Board (SUBEB) to augment primary school teachers’ salaries. In addition, over N1b due for pensions and gratuities is being verified at the moment. A total of 684,960,000 went for overhead and running costs after I had reduced it by N1b instead of the N1.7b previously expended monthly.
I have since my inauguration, expressed concern about the high costs of running governance particularly the high cost of our monthly wage bill which stood at N5.7b. I have for this month authorised only the sum of N4.1b as salaries alone. The other salary based benefits are under review and would be paid as soon as they are verified.
My good people of Bayelsa State, we promised to deliver on our restoration agenda which is firmly rooted in probity, transparency, accountability, and value re-orientation. As a man of honour serving with other persons of integrity, we will not let you down.
I thank you for your support as we continue this journey of openness and accountability.
God Bless Bayelsa State
God Bless the Ijaw Nation
God Bless the Federal republic of Nigeria
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