Bayelsa State Government has declared a total sum of N29.5bn as balance in its coffers after statutory deductions and capital payments as at the end of May.
Addressing the media on the income and expenditure profile of the state for the months of April and May 2013, at its monthly Transparency Briefing in Yenagoa, the Commissioner for Finance, Mr. Duate Iyabi announced N24.6bn as total inflow from the Federation Account for May.
Giving a breakdown of the figure, he explained that, the amount was made up Statutory Allocation of N2.7bn, Derivation fund was N12.4bn, SURE-P came to N1bn, Excess Crude N4.6bn, Augumentation of N2.9bn and NNPC Refund of N233m.
On deductions, Mr. Iyabi explained that, the sum of N1.2bn was deducted for bond repayment, N11.1m for the servicing of foreign loans, refund on Derivation Indices for 2010 gulped N392m, while N41m went for commercial agricultural credit scheme refund.
The commissioner who announced an all time high IGR of N1.3bn, noted that total inflow after FAAC Deductions amounted to N22.3bn.
Commenting on the outflows Mr. Iyabi said N3.9bn was spent on the payment of civil servants’ salaries while that of political appointees stood at N503.7m.
He also gave N3bn as bank loan repayments, with overheads accounting for N1bn, monthly standing approvals gulped N298m, capital Payments of N3.9bn.
For the month of April, the commissioner stated that N19.5bn was received as gross inflow comprising statutory allocation of N2.1bn, Derivation N11bn, VAT N599m, SURE-P N1.7bn, augmentation took N3bn and N233m went for NNPC refunds.
Total deductions for the month, according to Mr. Iyabi, amounted to N2.4bn, which included refund of Domestic Excess crude savings of N709m, Refund of overpayment of revised 13% derivation indices accounted for N187m leaving a Net FAAC Inflow of N17.7bn.
Governor Seriake Dickson also presented a draft of N1.7bn to representatives of the Huawei Technologies Ltd for the Bayelsa State Safe City and Safe State security surveillance Project, which is aimed at boosting security in the state.
The Governor, who re-assured investors of their safety explained that with the contract awarded to one of the world’s leading ICT and security firms, state-of the-art security infrastructure would be deployed in all the nooks and crannies of the state.
Chief Press Secretary to the Governor of Bayelsa State