The Bayelsa State Government has declared a balance of over N135 billion in its coffers as of the end of August this year, promising to complete the ongoing Nembe-Brass, Yenagoa-Oporoma, and Sagbama-Agge roads before the end of the current administration.
The Technical Adviser to the Governor on Treasury, Accounts, and Revenue, Mr. Timipre Seipulo, stated this while presenting the income and expenditure report for the months of August and September 2024 in Yenagoa, the state capital.
For the month of August, Mr. Seipulo reported that the state received a total gross inflow of N28.366 billion, made up of a statutory allocation of N692.89 million, derivation of N8.69 billion, Value Added Tax of N5.728 billion, exchange gain of N12.99 billion, solid minerals revenue of N77.31 million, and electronic money transfer levy of N178.5 million.
He also announced a total deduction from the Federation Account Allocation Committee (FAAC) amounting to N1.735 billion, which includes foreign loan recoveries for the state and federal government of N448 million, commercial agricultural credit scheme of N199.08 million, excess crude loan facility to the state of N82.69 million, restructured refund of overpayment of 13% derivation indices of N15.4 billion, and N128.37 million among other items, leaving a net receipt balance of N26.63 billion.
ALSO READ:Â Police detain Abia lawmaker over alleged assault on cab driver
The governor’s aide explained that other receipts included internally generated revenue from July of N2.46 billion, flood prevention fund of N3 billion, and investment income of N965 million, while that of May and July amounted to N574.59 million. Additionally, the joint venture cash call account generated N32.89 billion, and the signature bonus contributed N23.9 billion, among other components.
Mr. Seipulo further stated that total receipts amounted to N64.259 billion, which, in addition to the net receipt of N26.63 billion, totaled N90.890 billion after FAAC deductions.
He noted that total payments amounted to N15.406 billion, consisting of bank loan repayments of N6.56 billion, civil servants’ salaries of N5 billion, political appointees’ salaries of N491.28 million, wage awards of N665 million, gratuity payments of N200 million, and a 5% contribution to the Education Trust Fund, Bayelsa Health Insurance Scheme, and Student Loans Board amounting to N369.48 million among other items.
Mr. Seipulo stated that the state spent N6.78 billion on recurrent expenditure, while capital payments stood at N30.88 billion, leaving a balance of N37.72 billion. In addition to the balance brought forward from July of N112 billion, the state had a carried-forward balance of N150 billion.
For the month of September, the governor’s aide reported a total gross inflow of N29.973 billion, made up of a statutory allocation of N847.67 million, derivation of N9.08 billion, Value Added Tax of N5.58 billion, exchange gain of N10.75 billion, among others.
He explained that total FAAC deductions amounted to N1.739 billion, which included foreign loan recoveries for the state and federal government of N148 million, restructured refund of 13% derivation indices of N128.37 million, and commercial agricultural credit scheme of N199.08 million, along with restructured commercial bank loans of N741.16 million, leaving a net FAAC receipt of N28.237 billion.
He stated that internally generated revenue for August stood at N2.58 billion, investment income at N743.72 million, signature bonus at N20.37 billion, infrastructure fund at N10 billion, and the transfer of the ecological fund at N112.5 million, with other receipts totaling N33.818 billion, resulting in a total receipt of N62.52 billion after FAAC deductions.
According to Mr. Seipulo, other outflows included bank loan repayments of N6.41 billion, promotion arrears of N192 million, civil servants’ salaries of N4.988 billion, and political appointees’ salaries of N1.35 billion, along with wage awards of N665 million. Other salary and personnel-related costs amounted to N9.3 billion, bringing total payments to N16.554 billion.
He also disclosed that capital payments were N53.85 billion, while recurrent expenditure stood at N6.69 billion, totaling N60.551 billion and leaving the state with a deficit balance of N15.53 million.
He added that with the balance brought forward from August of N150.499 billion, the state had a closing balance of N135.446 billion.
Mr. Seipulo assured that all ongoing projects, especially the three senatorial roads, would be completed before the end of the Prosperity Government.
and then