Bayelsa State Government Saves N81.1 Billion in Three Months of Allocation

Bayelsa State Government on Tuesday declared N81.100 billion as balance of funds in its coffers as at April, 2024.

The Commissioner of Finance, Mr Maxwell Ebibai represented by his Permanent Secretary, Mr Ebimobowei Wodu announced this while presenting the income and expenditure financial statement for the months of February, March and April, 2024 in Yenagoa.

Mr Ebibai who reaffirmed the Prosperity Government’s commitment to connect riverine communities through network of roads and bridges, enumerated some of the key infrastructural projects being executed to include, the Igbogene-AIT Outer Ring road, New Commissioners quarters, Onopa, Gloryland Drive Phase 3, Yenagoa-Oporoma, Nembe-Brass, Polaku- Sabagreia, Akaba-Okodi roads among others.

Presenting the figures for the month of February, Mr Ebibai said the state got a statutory allocation of N2.568 billion, derivation N9.438 billion, Value Added Tax N3.763 billion, Exchange Rate Gain N7.585 billion totalling N23.503 billion.

The Finance Commissioner also announced N657.15 million as total deduction from the Federation Account Allocation Committee (FAAC) made up of foreign loan N149 million, refunds of overpayment of 13% revised indices N128.368 million, commercial agricultural credit scheme N199.80 million, ecological fund distribution to state N110.377 leaving a balance of N22.846 billion.

Mr Ebibai explained that funds from other sources include, internally generated revenue for the month of January was N1.975 billion, transfer from ecological fund N110.377 million, funds from other sources N15.873 billion which amounted to total other receipts of N17.959 billion leaving a balance of N40.806 billion after FAAC deductions.

The Finance Commissioner also noted that total outflows gulped N15. I21 billion which consists of bank loan repayment N6.143 billion, civil Servants salary N5.14 billion, promotion arrears for civil servants N85.761 million, political appointees salary N1.550 billion, gratuity N200 million, grants to tertiary institutions N1.10 billion among other components which left the state with a balance of N25.684 billion.

According to him, capital payment for February was N19.533 billion while that of recurrent expenditure stood at N4.111 totalling N23.694 billion.

He said the state had N26.842 as balance brought forward from January and in addition to N1.990 billion balance after total payments, it had a closing balance of N28.832 billion.

For the Month of March, Mr Ebibai said total gross inflow was N38.697 billion, which include, statutory allocation of N87.44 million, derivation N16.913 billion, Value Added Tax N3.894 billion, exchange rate gain N17.659 billion.

He also explained that FAAC deductions stood at N1.555 billion comprising foreign loan N361.282 million, restructured refund of overpayment of 13% derivation fund N128.368 million among other items leaving a balance of N37.142 billion.

The Finance Commissioner noted that other receipts such as internally generated revenue for the month of February was N1.879 billion, first and second tranche of infrastructural fund N37.712 billion, transfer from ecological fund N96.9 million totalling N39.688 billion after FAAC deductions.

He said total receipts from FAAC and other sources stood at N76.830 billion.

On outflows, Mr Ebibai said bank loan repayment gulped N8.326 billion, civil Servants salary N4.874 billion, promotion arrears N89.692 million, political appointees salary N323.505 million, gratuity N200 million, grants to tertiary institutions N1.10 billion among other items came up to N16 .13 billion leaving a balance of N60.817 billion.

According to him, the state had a recurrent expenditure of N4.532 billion while that of capital payments stood at N35.728 billion totalling N40.260 billion.

He explained that the state had a balance of N20.556 and in addition to the N28.832 billion as balance brought forward from February, it had a closing balance of N49.388 billion.

For the month of April, the Finance Commissioner noted that the state got a statutory allocation of N1.585 billion, derivation N11.429 billion, Value Added Tax N5.619 billion, Exchange Rate Gain N8.151 billion, other crude oil revenues N19.712 billion totalling N46.636 billion.

He also put total FAAC deductions at N1.497 billion made up of foreign loan to state N216.916 million, restructured overpayment of 13% revised indices
N128.368 million, commercial agricultural credit scheme N199.80million, restructured bank loan N741.156 million, ecological fund distribution to state N184.124 million.

On outflows, Mr Ebibai noted that the state spent a total of N15.349 billion comprising commercial bank loan N6.964 billion, civil servants salary N4.968 billion, promotion arrears N85.636 million, political appointees salary N348.309 million, wage award to civil servants N645 million, grants to tertiary institutions N1.10 billion, transfer of ecological fund to NDDC N92.99 million among other components leaving a balance of N82.828 billion.

According to him, capital expenditure stood at N46.961 billion while that of recurrent payments was N4.155 billion totalling N51.117 billion leaving a balance of N31.711 billion.

Mr Ebibai stated that with the N49.388 billion brought forward from the month of March, the state had a closing balance of N81.100 billion as at the end of April, 2024.