BAYELSA GOVT LAMENTS DROP IN REVENUE FROM FAAC.

10 Sep

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BAYELSA GOVT LAMENTS DROP IN REVENUE FROM FAAC.

10/09/2014.

The Bayelsa State Government has said, the state had a shortfall in revenue of about N2bn from the federation account for the months of July and August, 2014.

Governor Seriake Dickson, who stated this at the monthly transparency briefing for the months of July and August at the Banquet Hall in Yenagoa, explained that, the trend has been consistent for the past 2 years.

Giving a breakdown of the financial transactions of the state, the Finance Commissioner, Mr. Duate Iyabi declared N3.6bn as the balance of funds available as at the end of August 2014.

He explained that out of a gross inflow of N14.9bn from the federation account, including statutory allocation of N3bn, derivation was N10.1bn and SURE-P receipt of N1bn, only N12.5bn accrued to the state as net inflow after FAAC deductions of N2.3bn.

Other inflows comprise an IGR of N710m for the month of July, which is about N40bn lower than the previous month, refund from cassava project loan repayment -N487m, while funds from other sources stood at about N1bn.

On deductions, bond repayment gulped N1.2bn, a refund of N392.8m as over payment of 13% derivation indices from November 2006-June 2010, which is the 34th out of 72 installments, in addition to the commercial agriculturalcredit schemes 1and 2 amounting to N203m.

Others include, the refund of arrears of derivation revenue to Akwa Ibom’s Iro Ekanga Oil Field of N131m, over payment to Bayelsa State EA oil N170m and foreign loans of N20m.

On expenditure for August, Mr. Iyabi declared N5.9bn as bank loan repayment, civil servants salaries N3.9bn, while N430m was spent as salaries for political appointees.

Monthly overhead payment was put at N1.2bn, 18% minimum wage arrears amounted to N125m in addition to standing monthly approvals of N373m and Federal Inland Revenue Service was N200m.

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