Bayelsa govt invests N154m to grow monthly IGR

The Bayelsa State Government says it has introduced a culture of investing about N154 million to grow the state’s Internally Generated Revenue (IGR) profile through the Board of Internal Revenue that enjoys full autonomy.

Technical Assistant on Treasury, Accounts and Revenue to Governor Douye Diri, Mr Timipre Seipulou, said this during the government’s second transparency briefing for the months of April and May, 2023 in Yenagoa, on Thursday.

He said the board, which enjoys absolute freedom, uses the fund to run administrative costs, pay revenue generating consultants and embark on programs that attract investors to the state.

He further explained that the fund is also intended to ensure the sustenance of the board’s autonomy, as they don’t have to run to the government to approve funds for them to accomplish their task every month.

He also expressed the government’s commitment to continue to pay subvention to tertiary institutions in the state, stating that it has become a policy that cannot be stalled.

Flanked by the Commissioner for Information, Orientation and Strategy, Ayiba Duba, Seipulu maintained that the monthly subvention increased recently because the government paid some arrears and gratuities that have been in the pipeline.

He revealed that most of the projects, such as the three senatorial roads, AIT/ Elebele road, Nembe Brass road, and some internal roads, being handled by the current administration are capital intensive.

Reeling out the income and expenditure of the state for the months of April and May, 2023 Seipolu stated that the gross inflow from FAAC for the month of April stood at N25,885, 577,325.90 while other receipts came up to N5,436,183.33.17.

He said that the total money that the state received at the end of the month after deductions from source amounted to N28, 920, 416,860.41.

For outflows, he explained that the government paid grants to tertiary institutions, amounting N961,000,000, while provision for IGR drive is N154,000,000, and balance for April came to N8,762,826,230.97.

For the month of May 2023, he said the net receipt from FAAC was N21, 951, 439, 000 while IGR and other receipts came up to N15, 308, 746, 692 leaving a total of N37, 260, 185, 740.

He said net income of N28,148,983 minus an expenditure profile of N29,313,7,358, with a shortfall of N1,164,23,454 which was deducted from the balance of N7,943,323,000 in the previous month, the state was left with a net balance of N6,779,300,400 as at the end of May, 2023.

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