Bayelsa State Governor Seriake Dickson on Thursday said he inherited an empty treasury from the Timipre Sylva administration.
Dickson alleged that Sylva left “heavy and intimidating debt portfolios” for his administration to service.
The governor, who spoke in the Banquet Hall, Yenagoa, during his maiden monthly press conference stated that the figure of the debt profile would soon be made public.
He said the Financial Management Committee led by the former Presidential Adviser on Niger Delta Matters, Mr. Timi Alaibe, was tracking all the debts accumulated by the Sylva administration and other financial involvements of previous administration.
As part of his promise to make public monthly revenue accruing to the state from various sources, he said the state received N15.6bn in February from various sources, including monthly allocations.
Out of the amount, he said the government spent over N4.8bn to pay salaries and overheads, adding that over N4.9bn was used to service various loans inherited by his administration.
After the deductions, he said the state had a balance of N5.9bn.
He, however, explained that the balance had been used to open two accounts for the state with the United Bank for Africa and the First City Monument Bank.
He noted that the Bayelsa State Strategic Development Project Account opened with UBA would be used to fund strategic investments in infrastructural development, agriculture, tourism, education, health and security.
According to him, the Bayelsa State Strategic Reserve and Savings Account with an initial deposit of N2bn was created to provide savings and stability for the economy “in an event of unforeseen shock”.
He said within 30 days, his administration had implemented a new regime of prudence in public expenditure he described as a cardinal principle of financial management.
He said, “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 the 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.
“We believe it is the right of the people of the state to know what funds accrue to 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.”
He said his belief in the principle of transparency informed his participation in the passage of the Freedom of Information Bill when he was a member of the House of Representatives.
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