The Bayelsa State Government has announced its vigorous efforts to retrieve all outstanding revenues owed by the Federal Government, particularly in light of the naira’s instability and the significant impact of escalating inflation on the nation’s economy.
The Commissioner for Finance, Maxwell Ebibai, conveyed this during the transparency briefing for the months of November and December 2023, and January 2024, in Yenagoa.
He expressed dissatisfaction with the Federal Government’s handling of certain fiscal activities, such as crude oil swap deals and signature bonuses, emphasizing that these should involve both the national and sub-national governments.
Ebibai highlighted the adverse effects of the rising inflation on both individual and governmental incomes, and criticized the Federal Government for not engaging the federating states in some of its fiscal activities, which he believes jeopardizes their collective wealth. The government’s determination to recover these debts is a response to the challenging economic circumstances faced at both the individual and governmental levels.
