The Ministry of Budget and Economic Planning was created out of the Ministry of Finance and Economic Planning by the administration of Late Chief D. S. P. Alamieyeseigha, in 2004. This was due to the need for the establishment of fiscal stimulus and expansion, economic diversification, policy management and integration in Bayelsa State.
However, it is worthy of note that, prior to this time, Budget and Economic Planning had been anappendage to other ministerial folio thus it existed as operational departments – ie. Budget Department, Planning Department, and Statistics department in the defunct Ministry of Finance and Economic Planning.
- To be the primary agency of government that facilitates efficient and effective planning, allocation, mobilization and utilization of resources for socio-economic transformation of the State.
- To formulate and implement policies that will transparently manage the financial resources of the State to drive its economy.
- To serve as an effective machinery for the formulation, coordination, monitoring and evaluation of State Government economic policies and planning.
- To continuously ensuring dynamic socio-economic policies and strategies through prudent and equitable resources management.
- To ensure meeting the aspirations of government by acting as an advisory body on sector reforms with focus on public finance and budget implementation.
- Provide a blueprint for the coordination of State policies and programmes.
- Enhance the efficiency of public sector spending and general State economic management.
- Coordinate the formulation and implementation of the State Government programmes as contained in budget, Medium Term Expenditure Framework (MTEF), plans of the State and Local Government Levels.
- Coordinate all technical assistance including intervention programmes and liaise with the National Planning Commission and Development partners.
- Control the expenditure of all ministries and departments and ensure compliance with the procedure in all public expenditure.
- Collect basic data and advice government on the manpower development policy of the State.
Functions of the Ministry:
- Monitor and control of the State economic planning.
- Enhance the general state economic management
- Prepare annual estimates of Government which embodies projects and programmes of the government during the year.
- Prepare supplementary budget estimates
- Processing the issuance of release warrants for Government expenditure.
- Formulate and advise State Government on policies that will promote the socio-economic development of the State.
- Prepare developmental plans for the State Government.
- Coordinate the activities of Donor agencies resident in the State.
- Supervise the programmes and policies of some intervention agencies like SEEFOR, SOCU, and CSDA resident in the State.
- Successful preparation of the yearly budget since the inception of the ministry
- Budget reforms
The Ministry of Budget and Economic Planning is made of the following departments:
- Human Resources Management (HRM)
- Finance and Accountants (F&A)
- State Budget Office
- Planning Department
- Bureau of Statistics
- Planning, Research, and Statistics Department (PRS)
- Public Private Partnership (PPP)