Isaac Ombe, Yenagoa
The Bayelsa State Government has given more insights into what the state received on the Excess Crude refund.
The state government explained how the moneys were received, spent and the number of projects the money was expended on so far.
The state government, in its monthly transparency briefing, in Yenagoa, through the Technical Assistant on Treasury to the governor, Mr. Timipre Seipulu, explained that contrary to insinuations in some quarters, the state received the Excess Crude fund on quarterly basis and it’s for 36 months period.
Seipulu, who explained in pains that the state has continued to mention what is accruing to the state at smiliar briefings, explained that N13.8 billion was received in the month of September.
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The Excess Crude refund for the state, according to him, was being used to fund various projects in the state and that about N100 billion had been expended so far but the net received was about N90 billion.
Said he, “It is necessary to remind ourselves of this contentious issue of excess crude refund which we have continued to report in the state.
“In all our transparency briefings we have been mentioning this.
“For this month, what is received from that account is N13. 8 billion because, actually, like you have said , the refund which a lot of people have talked about, is not a monthly payment. It is a quarterly payment and paid over 36 months.
“The money is paid over 36 months, which is three months. So, every three months you have about N13.8 billion received by the state.
“And for us in Bayelsa State, we have continued to report it in our transparency briefings.
He continued, “As at now, the net received is about N90 billion the state has received.
“And if you look at the major projects we have done, we have done quite some material projects which we are utilising the funds.”
Reeling out some of the major projects government has used the fund to execute, Seipulu said, “Some major projects, for instance, the state has funded with the fund included the Yenagoa-Oporoma road, The state has spent over N12 billion, the Igbogene-AIT road which we have spent over N19 billion payment, not contract amount .
“Contract amounts are far more than this amount”, explained the Technical Adviser on Financial Matters to the governor, who mentioned other projects as the ” Aleibiri-Isampou Road project over N 22 billion have been paid.
“The Igbogene Outer Road over N2.4 billion paid. Glory Land drive over N17billion have been paid , and even the Nembe-Brass road N10 billion has been disbursed .
“And also other community-related projects over N6.8 billion has been paid.
“So, you see that on those funds over hundred billion have been spent on specific capital projects.
“So, for the state, we have not stopped telling what we have received on regular basis and how these funds have been utilised on regular basis.
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“And this is done through the monthly transparency briefings and our audited financial statements. The audited financial report already available for the public to see,” he added.
Explaining further on how the funds for September were utilised , Seipulu said, “If we take those funds and other receipts , we will have N19. 84billon for September.”
Giving more insight on the amount of inflow, deductions and receipts for the month of September, Seipulu who disclosed that the total gross Inflow for September amounted to N21,616,899,210,53kobo, also said that the total deductions for the month of September amounted to N1,593,58,755,40k.
He added that “When we take that from our N21.62billion and add to the net FAAC receipt in September, it will amount to N20,24,840,555,13kobo.
“It is worthy to note that out of our net receipt of the above amount, 80% of it came from derivation because N16 billion out of that 20billion came from derivation resources .
“So, what it means is that, without the derivation what we would have received next would have been N3 billion.
“Without derivation the state can’t meet its obligations,” he stressed.
According to him, the IGR for August reported in September was N2.29 billion as Salary related items for September came to over N6.2 billion.
Re-echoeing the importance of derivation funds to the state, Seipulu noted this, “Like I mentioned before, if you look at our total net FAAC receipts, without derivation which I said is about N3 billion.
“It means that without derivation the state cannot meet its obligations”.
He further disclosed that September total payments amounted to N9,182,820,960.
“If you take that out of our total receipts of N39.86 billion , will have remaining recurrent payment of N30,384,734,96910kobo .
“Recurrent payments for September came to N4.7billion Capital payments came to N24.75 billion , making a total payment of N29.544 billion
“Balance after capital and recurrent payments for the month of September came to N840,428485,6kobo”, said Seipulu.
The Gross Inflow, according to him, came to N29,162380,657, while total deductions amounted to
N1,601,157, 534,18kobo for October.
He explained that “the total of other receipts of N2.82 billion, when added that to N27.57billiin , our total receipts after faac deductions for October came to N30,381,783,963,35k.”.
While the Out flow for the month of October on Salary-ralated components came to N6.47billion or 23%.
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He added that total payments for October came to N8,125,963,314,12kobo
“If we take that from our N30.38billion,total receipts after faac receipts,we have a balance of N22,255,824,324.”, he said .
Recurrent payments for October, he disclosed , amounted to N4.27billiin and capital payments N12.91billion, making a total recurrent and capital payments of N17,186,266,51,13kobo.
“Therefore the balance after recurrent payment came to N5,69,796,997,50kobo.
“If we add that to the balance brought forward from September of N5,773,248,143,89kobo
we will have balance carried forward in October of N10,843,45,141,39kobo.
“That is the balance and expenditure situation of the state for the months of September and October 2022, said Seipulu.
Earlier in his remarks, while declaring the event open, Mr. Ayibaina Dubai, the Commissioner for Information and Strategy, said because of the challenges that trailed this year’s flood, the transparency briefing was delayed.
According to Dubai, “We could not gather here because of the flood
“We all know what has happened to the state during the flood. This delayed this briefing. However, it is better to be late than never,” Dubai noted.
