Fidelity bank banner UBA 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: 1,180

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+




You may also like...
MTN sells MTN Cyprus for $304 million

Special Task Force cordons off Plateau village after...

Breaking News: Akwa Ibom Governor dissolves cabinet, sacks...

BMO frowns at Trump’s disrespectful statement on Buhari...

CAN declares 72 hours prayer for free, fair,...

‘Oduahgate’: Okonjo-Iweala clears the air, says no duty...

41 gangsters, 4 terror suspects for trial in...

2 reported dead at ‘Save Rivers’ rally in...

NANS declares 3 days prayer for Buhari

Tribunal Rulings: In Abia, no victor, no vanquished...

National Assembly Siege: Sacked DSS Boss Daura spills...

Fayose condemns removal of Wike’s Chief Security Officer,...


Latest News Boko Haram kills Army Commander, several soldiers We won’t substitute Ganduje over bribe allegation — APC •Explains source of ‘bribes’ Osun PDP members sue Adeleke over fake certificate Man charged with sex crimes involving 300 boys INEC removes names of 1,931 persons from Kaduna voters’ register Fayemi reinstates five Perm Secs sacked by Fayose, to get salary arrears Gunmen kidnap 20 students from Cameroonian school Anambra lawmakers to IGP: Caution the State Command over sealing of Assembly Complex 2019: Atiku doesn’t have second term hidden agenda — Campaign Strategist 8th Senate worst in attendance: Ndume Gov Abubakar imposes 12-hour curfew on five Bauchi communities Army flushes out criminals in Northwest


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (422,711 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (390,799 views) Shameless Genevieve Nnaji exposes breasts in public (323,878 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (272,586 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (244,831 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (227,817 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (209,598 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (191,142 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (176,491 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (168,907 views) Lagos plane crash: Journalist releases victims’ names (165,481 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (152,314 views)


Zenith Zero Balance First Bank chat banking


Categories Advertorials (3) African Press Organisation (81) Art & Literature (74) Business & Economy (3,803) Business Verdict (54) Columnists (964) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (568) Features (670) Global Business Monitor (311) International (2,707) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (38) News (40,698) Opinion (1,145) Pidgin (13) Politics (7,819) Religion (903) Sports (1,780) Stock Watch (35) AMA & Al Jazeera Global Update





APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera