Bayelsa Govt posts N2.942bn as at June 2021, assures of projects completion

Posted by News Express | 1 September 2021 | 350 times

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•Technical Adviser to Bayelsa Governor on Treasury, Accounts and Revenue, Timipre Seipulo


Bayelsa State Government on Tuesday declared a balance of N2.942 billion as at the end of June 2021.

The Technical Adviser to the Governor on Treasury, Accounts and Revenue, Mr. Timipre Seipulo, disclosed this while presenting the income and expenditure profile for the months of May and June 2021 at the monthly transparency briefing exercise in Yenagoa, the state capital.

Giving a breakdown of the figures for the month of May, he said the gross inflow stood at N11.885 billion while total deductions from the Federation Accounts Allocation Committee (FAAC) was N1.71 billion leaving a net inflow of N10.814 billion.

Seipulo, who announced N1.60 billion as internally generated revenue for April, put refund from other sources at N9.190 billion bringing net FAAC receipts and other receipts to N21.648 billion.

On outflows, he said the state government made total payment of N12.740 billion with a balance of N8.9 billion while capital and recurrent payments came up to N12.456 billion resulting to a shortfall of N3.5 billion.

The governor's aide however noted that with the N12.4 billion balance brought forward from April, the state had a balance of N8.8 billion as at the end of May.

For the month of June, Mr Seipulo said the state received N8.721 billion as gross inflow from the Federation Accounts Allocation Committee (FAAC).

He noted that the amount consists of statutory allocation of N2.077 billion, derivation, N4.329 billion, Value Added Tax, N1.629 billion and withholding tax/ stamp duties of N163 million among other items.

The governor’s aide also announced N2.10 billion as total FAAC deductions which include, foreign loans to states and federal government recovery N35.91 million, restructured refund on over payment N128.360 million and refund on the N11 billion being made for Soku Oil well N993.865 million leaving the state  with a net inflow of N6.7 billion.

According to him, the internally generated revenue for May was N1.1 billion and funds from other sources N2 billion amounting to N3.102 billion.

Seipulo further noted that the net inflow and receipts from other sources stood at N9.813 billion.

On outflows, Seipulo said total payments gulped N8.376 billion comprising bank loan repayment N2.423 billion, civil servants salary N4.83 billion, political appointees salary N368.997 million, grant to tertiary institutions N850.770 million among other components.

He explained that the state had a net figure of N1.436 billion after making total payments of N8.376 billion from the total receipts of N9.813 billion excluding capital and recurrent expenditure of N7.378 billion leaving a deficit balance of N5.941 billion.

Seipulo added that with the N8.8 billion balance brought forward from May, government had a closing balance of N2.942 billion as at June 2021.

In his remarks, the Commissioner for Information, Orientation and Strategy, Hon. Ayibaina Dubai, assured that all projects being undertaken by the present administration would be completed.

Source: News Express

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