|GOVERNOR HENRY SERIAKE DICKSON|
WRITTEN BY SAINT MIENPAMO
ARRANGEMENT OF 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
16. Short Title and Commencement.
GOVERNMENT OF BAYELSA STATE OF NIGERIA
BAYELSA STATE COMPULSORY SAVINGS LAW, 2012
A LAW TO PROVIDE FOR THE ESTABLISHMENT OF THE BAYELSA STATE COMPULSORY SAVINGS ACCOUNT AND OTHER MATTERS CONNECTED THEREWITH.
BE IT ENACTED by the Bayelsa State House of Assembly of Nigeria and by the Authority of same as follows:
1. There is hereby establishment the Bayelsa State Compulsory Savings Account ( herein after in this Law referred to as The Account) into which shall be paid such percentage of funds accruing to the State and Local Government Councils as may be prescribed under this Law.
2. The Governor 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.
3. Funds from the Account shall only be expended on security, education, rural electrification, health and any other area, provided that such expenditure can only be made subject to the approval of 2/3 (two- thirds) of the members of the Assembly.
4. The Chairman or any person (s) in charge of the management of the affairs of a local Government Council 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 Council from all sources.
5. Funds from a local Government Council shall only be expended on security, education, rural electrification, health and any other area, provided that such expenditure can only be made subject to the approval of 2/3 (Two- thirds) of the members of the Assembly.
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 of 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 A representative of the Association of local Governments of Nigeria, Bayelsa State Chapter (ALGON);
Viii Two other Persons to be appointed by the Governor Bayelsa State provided that the person to be appointed in (1) and (viii) shall be subject to the confirmation or the Assembly.
7 The functions of the said Special Funds management Council shall be as follows:
i. Investment of not more than sixty percent of the funds in the Account (s) in profit yielding ventures: provided the Council shall not invest funds from the said Accounts(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.
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 Council.
9. The tenure of the officers referred to in Section 6(2) (i) & (viii) and section 8 above shall be three years, but may be re-appointed for another term of three years.
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.
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.
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.
13. The savings made by the State shall be put in a special account distinct from the savings made by the local Government Councils.
14. (1 ) Any Person Appointed to The Special funds management Council as well as any person co-opted to the Council under this law not being the Chairman may be paid such allowances as the Council may with the approval of the Governor determine.
(2) The Council may however pay to the Chairman such allowances and benefits out of the funds of the Council as the Council as the Council may with the approval of the Governor determine.
15. in this Law
“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.
16. This Law may be cited as the Bayelsa State Compulsory Saving Law, 2012 and shall come into force on...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 a true and correctly printed copy of the said Jesus Will Returns