Fidelity bank banner Bayelsa State banner
Bayelsa spends N123 billion on debt servicing

By News Express on 31/05/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,067

The Bayelsa State Government has spent about N123 billion from 2012 till date on servicing of debts, including bonds and foreign loans obtained by the previous administration, its Deputy Governor, Rear Admiral Gboribiogha John Jonah (retd), has said.

He also lamented the huge financial burden which the Governor Henry Seriake Dickson's administration has been facing amidst the prevailing economic challenges.

Jonah stated this on Tuesday during the Monthly Transparency briefing held in Government House, Yenagoa,

According to him, the state government has paid a total of N62 billion on bonds obtained by the immediate past administration, while over N61 billion have so far been deducted at source by the Federation Accounts Allocation Committee (FAAC) for loans and over-payments to the previous administration.

Giving further clarification on the N50 billion bond, he explained that, the total value of the bond was N104 billion, which was expected to be paid off in June 2017.

The Deputy governor also spoke on the income and expenditure for the month of March 2016, and announced a gross inflow of N5.5 billion, which comprises statutory allocation of N1.5 billion, derivation (N3.4 billion), Value Added Tax (N550.7 million) and exchange differential (N78 million).

Speaking on deductions, he stressed that, N1.2 billion went for bond payment, while comprehensive reconciliation of over-payment made to the state between November 2006 and June 2010, the third out of 28 installments, is N392.8 million.

Also, refund on over-payment of 13 per cent derivation indices from August 2008 to 2009, the third out of 22 instalments, amounted to N187.8 million.

Jonah also stated that, N741 million went for the Federal Government’s restructured bank loans, over-payment from Excess Crude Account accounted for N253 million as well as about N168.2million on the servicing of commercial agricultural loans’ schemes one and two.

Other deductions include, refund of over-payments on E.A Oil Field from November 2006 to June 2010, the third out of 6 installments, amounting to N170 million, deductions on the bailout for the local government staff salaries gulped N32.5 million, while refund of arrears to Akwa Ibom State on the Ekanga Oil Field was N131.5 million.

According to him, the total deductions amounted to N3.3 billion, thereby bringing the net inflow to N2.2 billion, adding that, IGR for the month of February was N446 million in addition to funds from other sources, amounted to N2.7 billion being total funds available as at the end of March, 2016.

Jonah announced a total outflow of N1.3 billion, comprising N1.2 billion on a loan facility obtained by the state government to augment workers’ salaries last year.

At the event, the State Commissioner for Information and Orientation, Mr. Jonathan Obuebite, appealed to the militants to embrace dialogue in addressing their grievances, as their activities in the Niger Delta have caused a drastic reduction in revenues, occasioned by the sharp drop in crude oil production.   

Also speaking, the State Chief Economic Adviser, Mr. Duate Iyabi, who stressed the need to boost the internally generated revenue base through appropriate taxes and levies, assured that the government would not over-burden the people on taxation.

•Photo shows Bayelsa Deputy Governor John Jonah.

Source News Express

Posted 31/05/2016 7:44:14 PM


Share on facebook Yahoo mail icon Gmail icon Share on Google+



REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
Anambra guber: I’ll campaign aggressively for our candidate...

Nigeria won’t exist beyond 2019 — MASSOB •Says...

Succour for Akwa Ibom communities as Senator Akpabio...

Jonathan’s critics inviting coup —Defence Minister

HURIWA seeks IGP Arase’s trial over murder of...

Dokubo attacks el-Rufai, brands him a thief and...

Lagos Agric Authority to establish more farm centres...

Agbakoba sues FG over exclusion of South East...

Prophet sprays miracle seekers with insecticide •Defends action...

Presidency, National Assembly tempting military —Rights groups

Militants attack Deputy Governor’s convoy

Legendary Ex-Manchester United boss Sir Alex Ferguson in...


Latest News In Ekiti, stomach infrastructure has changed hands, By ‘Fisayo Soyombo Hoodlums attack Police Commissioner Imo APC Stakeholders Forum exposes Okorocha Court remands alleged killer of ex-Deputy Governor’s daughter Police arrests cleric for raping student as spiritual cleansing Kaduna residents protest alleged land grabbing by Air Force Dasuki set to regain freedom; Judge signs bail application Couple murdered in their sleep in Anambra Executive Order 6 most potent weapon against corruption, says FG Third Mainland Bridge will be closed for 3 days, not 27 months, says Fashola Killing of Policemen: N5m bounty for information about attackers Ganduje, Emefiele, Dankwambo, Amaechi, others listed for honour


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (361,231 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (357,948 views) Shameless Genevieve Nnaji exposes breasts in public (286,245 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (234,885 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (214,075 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (212,270 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (186,078 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (168,061 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,101 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (152,392 views) Lagos plane crash: Journalist releases victims’ names (147,302 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (138,600 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,342) Business Verdict (45) Columnists (886) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (614) Global Business Monitor (284) International (2,130) Interview (157) Live Commentary (28) Love Matters (127) News (37,171) Opinion (1,022) Pidgin (10) Politics (5,576) Religion (783) Sports (1,610) Stock Watch (33) AMA & Al Jazeera Global Update


CBN banner

Firstmobile banner




FRANCE vs CROATIA 4-2 Highlights & Goals 2018


APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera