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Bayelsa State Governor, Douye Diri, yesterday, signed the 2023 Appropriation Bill of N389.37 billion into law.
He also made history by signing a bill on the state’s Contributory Pension Scheme for civil servants, local government workers and political appointees into law.
Speaker of the House of Assembly, Abraham Ingobere, who led other lawmakers to present the two bills for assent at Government House, Yenagoa, said state and local governments’ workers would be required to contribute eight per cent of their salaries towards their retirement, while the state government and local councils as their employers would contribute 10 per cent on their behalf to the pension scheme.
Ingobere said for political office holders, they were expected to contribute 10 per cent of their salaries, while the state government and councils would contribute 15 per cent on their behalf upon their retirement or disengagement from the service.
Speaking on the 2023 Appropriation Law, Ingobere said lawmakers after due consultations with ministries, departments and agencies increased the budget by N4 billion to bring the total amount to N389.37 billion for the 2023 fiscal year.
Diri, while assenting to the bills, noted that the contributory pension law would put an end to the long delay and harrowing experience retirees go through before receiving their gratuities and other entitlements.
He said the pension scheme had to be backed by law because of its importance, which, he said, would outlive his administration.
He said the scheme covered all employees of the state and political office holders both at the state and local government levels.
Diri assured workers that government would ensure proper machinery was put in place to engage only reputable pension fund administrators to manage the funds in accordance with pension regulations.
