Bayelsa State government has declared N135.446 billion as balance of funds in its coffers as at the end of August 2024. The Technical Adviser to the governor on Treasury, Accounts and Revenue, Mr Timipre Seipulo stated this weekend in Yenagoa while presenting the income and expenditure report for the months of August and September, 2024. For the month of August, Seipulo said the state received a total gross inflow of N28,366 billion made up of statutory allocation of N692.89 billion, derivation N8.69 billion, Value Added Tax N5.728 billion, exchange gain N12.99 billion, solid minerals N77.31 million and electronic money transfer levy N178.5 million. He also announced N1.735 billion as total deduction from the Federation Account Allocation Committee (FAAC) which include, foreign loan to state and Federal Government recovery N448 million, commercial agricultural credit scheme N199.08 million, excess crude loan facility to state N82.69 million, restructured N15.4 billion refund of overpayment of 13% derivation indices N128.37 million among other items leaving a net receipt balance of N26.63 billion.
The governor’s aide explained that other receipts were internally generated revenue from July of N2.46 billion, flood prevention fund N3 billion, investment income N965 million while that of May and July amounted to N574.59 million, joint venture cash call account N32.89 billion, signature bonus N23.9 billion among other components.
Seipulo further explained that total receipts came up to N64.259 billion which in addition to the net receipt of N26.3 billion amounted to N90.890 after FAAC deductions. He said that total payments gulped N15.406 billion consisting bank loan repayment of N6.56 billion, civil servants salary N5 billion, political appointees salary N491.28 million, wage award N665 million, gratuity N200 million, 5% contribution to Education Trust Fund, Bayelsa Health Insurance Scheme and Student Loans Board N369.48 million among other items. Seipulo said the state spent N6.78 billion on recurrent expenditure while capital payments stood at N30.88 billion leaving a balance of N37.72 and in addition to the balance brought forward from July of N112.78 billion, the state had a carried forward balance of N150.499 billion. For the month of September, the governor’s aide said total gross inflow was N29.973 billion, made up of statutory allocation N847.67 million, derivation N9.08 billion, Value Added Tax N5.58 billion, exchange gain N10.75 billion, among others.
He said that total FAAC deductions gulped N1.739 billion which included, foreign loan to state and Federal Government recovery N148 million, restructured N15.4 billion refund of 13% derivation indices N128.37 million, commercial agricultural credit scheme N199.08 million, restructured commercial bank loan N741.16 million leaving a net FAAC receipt of N28.237 billion. He said internally generated revenue for August stood at N2.58 billion, investment income N743.72 million, signature bonus N20.37 billion, infrastructure fund N10 billion, transfer of ecological fund N112.5 million and other receipts came up to N33.818 billion leaving a total receipt of N62.52 billion after FAAC deductions.
According to Seipulo, other outflows included, bank loan repayment of N6.41 billion, promotion arrears N192 million, civil servants salary N4.988 billion and that of political appointees N1.35 billion, wage award N665 million, and other salary and personnel related cost stood at N9.3 billion bringing total payments to N16.554 billion. He also disclosed that capital payments was N53.85 billion while recurrent expenditure stood at N6.69 billion totalling N60.551 billion leaving the state with a deficit balance of N15.53 million. He added that with the balance brought forward from the month of August of N150.499billion, the state had a closing balance of N135.446 billion.
Bayelsa reports N135.446bn balance in its coffer as at August
