BAYELSA STATE GOVERNMENT AND LOCAL GOVERNMENT COMPULSORY SAVINGS LAW, 2012

16 Apr

GOVERNMENT OF BAYELSA STATE OF NIGERIA

Image

BAYELSA STATE GOVERNMENT AND LOCAL GOVERNMENT

COMPULSORY SAVING LAW, 2012

 

ARRANGEMENT OF SECTIONS

SECTIONS

  1. Establishment of Compulsory Savings Account
  2. Compulsory Savings by State Government
  3. Use of Funds by State Government
  4. Compulsory Savings by Local Government Council
  5. Use of Funds by Local Government Council
  6. Special Funds Management Council
  7. Functions of the Council
  8. Secretary to the Council
  9. Tenure of Office
  10. Staff of the Council
  11. Funds for the Council
  12. Signatories to the Council
  13. Savings
  14. Allowances
  15. Interpretation
  16. Short Title and Commencement

 

 

GOVERNMENT OF BAYELSA STATE OF NIGERIA

BAYELSA STATE GOVERNMENT AND LOCAL GOVERNMENT COMPULSORY SAVINGS LAW, 2012

A LAW to provide for the establishment of the Bayelsa State Government and Local Government Compulsory Savings Account(s) and other matters connected therewith.

Commencement          (                                                                       )

BE IT ENACTED by the House of Assembly of Bayelsa State of Nigeria and by the Authority of same as follows:

Establishment of Compulsory Savings Accounts

 

1.

There is hereby established the Bayelsa State Compulsory Savings Account(s) (hereinafter in this Law referred to as the Account(s) into which shall be paid such percentage of funds accruing to the State and Local Government Councils as may be prescribed under this Law.

 

Compulsory Savings by State Government

2.

The State Government shall in every month cause to be paid into the Account, not less than five percent (5%) of the total income accruing to the State from all sources.

 

Use of Funds by the State Government

3.

Funds from the Account shall only be expended on education, rural electrification, health and other sector, provided that such expenditure can only be made subject to the approval of 2/3 (two-third of the members of the Assembly.

 

 

 

                                                        PART 2

 

Compulsory Savings by Local Government Councils

4.

The Local Government Councils in the State shall in every month cause to be paid into the Account, not less than five percent (5%) of the total income accruing to the Local Government Councils from all sources.

 

Use of Funds by Local Government Council

5.

Funds from a Local Government Council shall only be expended on education, rural electrification, health and any other sector, provided that such expenditure can only be made subject to the approval of 2/3 (two-third) of the members of the Local Government Legislative Council and shall be ratified by the Assembly.

 

PART 3

 

Special Funds Management Council

6

(1)             There is hereby established a Special Funds Management Council.

 

(2)             The Composition of the said Special Funds Management Council shall be as follows:

                          i.                  The Chairman who shall be a person of unquestionable integrity with not less than 15 years relevant cognate experience in financial matters shall be  appointed by the Governor;

 

                        ii.                  The Commissioner in charge for Finance in Bayelsa State;

 

                      iii.                  The Attorney-General and Commissioner of Justice of Bayelsa State;

 

                      iv.                  The Commissioner in charge of Budget and or Economic Planning in Bayelsa State;

 

                        v.                  The Commissioner in charge of Local Government;

 

                      vi.                  Accountant-General of Bayelsa State;

 

                    vii.                  One person from each of the eight Local Government Areas of the State to be appointed by the Governor on recommendation by the Chairmen of the Local Government Councils.

 

                  viii.                  Two other persons to be appointed by the Governor of Bayelsa State;

 

            Provided that the persons to be appointed in (i), (vii) and             (viii) shall be subject to the confirmation of the Assembly.

 

 

Functions of the Council

7.

The functions of the said Special Funds Management Council shall be as follows:

        i.            Investment of not more than forty percent (40%) of the funds in the Account(s) in profit yielding ventures: provided the Council shall not invest funds from the said Account(s) without the approval of the Assembly.

 

      ii.            Publishing an annual report of its activities including an account of the income and expenditure of the Council.

 

Secretary to the Council

8.

(1)             There shall be a Secretary to the Council who shall be appointed by the Governor from the public service.

 

(2)             The Secretary shall be the Chief Administrative Officer of the Council responsible for the day-to-day running of the Council.

 

(3)             The Secretary shall not have voting rights in the Council.

 

Tenure of Office

9.

The tenure of the officers referred to in section 6(2) (i), (vii) & (viii) and Section 8 above shall be three years, but may be re-appointed for another term of three years.

 

Staff of the Council

10.

The Council shall have such number of staff as may be determined by the Council, such staff may be deployed to the Council from the civil service.

 

 

 

PART 4

 

Funds for the Council

11.

The funds for the management of the affairs of the Council shall consist of such monies that shall be provided by the State Government and appropriated by the Assembly in the Budget.

 

Signatories to the Account(s)

12.

The signatories to the said Account(s) shall be the Chairman, Accountant-General of Bayelsa State and Secretary of the Council: provided that the Accountant-General and any one of the other two signatories can sign instruments to withdraw approved funds from the said Accounts.

 

Savings

13.

The savings made by the State shall be put in a special account distinct from the savings made by the Local Government Councils.

 

Allowances

14.

The Council may pay to the Chairman and members such allowances and benefits as the Council may by the approval of the Governor determine.

 

 

 

PART 5

 

Interpretation

15.

In this Law, unless the context otherwise requires.

“Assembly” means Bayelsa State House of Assembly.

“Council” means the Special Funds Management Council.

“Chairman” means the Chairman of the Special Funds Management Council.

“Governor” means the Governor of Bayelsa State.

“Local Government Council” means a Local Government Council in Bayelsa State.

“State” means Bayelsa State of Nigeria.

“State Government” means Bayelsa State Government.

 

Short Title and Commencement

 

This law may be cited as the Bayelsa State Government and Local Government Compulsory Savings Law, 2012 and shall come into force on the ………………… day of …………………………….. 2012.

 

 

 

This printed impression has been carefully compared by me with the Bill which has passed the Bayelsa State House of Assembly and found by me to be a true and correctly printed copy of the said Bill.

 

 

…………………………………………….

Mr. AARON NICODEMUS TIMIYE

Clerk of the House

 

 

Assented the …………………………. day of …………………. 2012

 

 

 

…………………………………………………….

HON. HENRY SERIAKE DICKSON

Governor of Bayelsa State

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

The Nigerian Oracle

Instigating a "Mental Revolution"

markinowei

Smile! You’re at the best WordPress.com site ever

De-Saint-online news Blog

WE ARE FORMIDABLE ONLINE PUBLISHERS, We are professional Bloggers and successful Social media Gurus. Our news/stories are accurate with facts and figures:

Here and Now

2012 Indy Info

Susie Lindau's Wild Ride

Come for Adventure. Stay for the Ride!

Speaker7

speaks to the masses of people not reading this blog

GOV DICKSON OFFICIAL BLOG

Office of the Senior Special Assistant to the Governor of Bayelsa State on Research & Social Media

Stevil

Death Before Sour Mix

We are all in this together

it's gonna be okay.

Open the Universe

by Callum Hackett

CHIEF REMEMBER P.N OGBE

OFFICIAL BLOG FOR CHIEF REMEMBER P.N OGBE. THE EXECUTIVE CHAIRMAN OF SOUTHERN IJAW LOCAL GOVERNMENT AREA OF BAYELSA STATE, NIGERIA

New Africa Blog

News & Politics | Business | Tech | Analysis |

WELCOME TO EDIVIRUS BLOG

WE All Are Guilty Until When Proven Innocent

SULEJA SKY

the voice of suleja to promote suleja community plus news, jokes and entertainment

cj.kaduru

Health & Health Policies. Travel. Fashion & Lifestyle. Politics

DCWORLDNEWS

News From Around The World

This year will be different

Ideas about the world and how to change it.

Engineering Evil

Intel Portal for Weighted Data and Information

%d bloggers like this: