…Declares N14.2b Total Revenue from FAAC
The Bayelsa State Government has announced N14.2 billion as its total inflow from the Federation Accounts Allocation Committee (FAAC) for the month of September, 2019.
The Special Adviser to the governor on Treasury, Accounts and Revenue, Mr Timipre Seipulo stated this while presenting the revenues and expenditure profile of the state, in Yenagoa, on Tuesday.
He noted that the amount consists of statutory allocation of N3.4 billion, derivation N8.87 billion, VAT N774 million, foreign exchange equalisation N579 million among other components.
Mr. Seipulo also announced N1.3 billion as total deductions from the federation account, comprising refund of budget support of N225.2 million and foreign loans to state, Federal Government recovery N37 million.
He said other deductions include, restructured commercial bank loans of N741 million, Excess Crude Account loan facility to states N126 million and refunds from overpayment of revised 13% derivation indices of N128 million.
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According to the Special Adviser, the net amount after FAAC deductions came up to N12.8 billion and total receipts from other sources, including internally generated revenue for the month of August was N1.2 billion.
Mr. Seipulo explained that the total other receipts of N1.2 billion in addition to the net amount of N12.8 billion brought total receipts for the month of September to N14.5 billion.
On total outflows, Mr. Seipulo said the amount stood at N7.2 billion, noting that the amount include, bank loans and contractual guarantees of N2.3 billion.
Other items are, civil servants’ salaries for September, N3.2 billion while that of political appointees was N436 million leaving a balance of N7.3 billion before capital and recurrent payments.
According to Mr. Seipulo, recurrent payments gulped N3.4 billion while capital expenditure was N5.6 billion totaling N8.9 billion.
He said the balance brought forward from the month of August was N401.3 million leaving the state government with a deficit balance of N1.540 billion.
In his remarks, Commissioner for Information and Orientation, Mr. Daniel Iworiso-Markson identified the monthly transparency briefing as one of the worthy legacies that would be bequeathed to the incoming government.
On the forthcoming November 16 governorship election in the state, Mr. Iworiso-Markson said the future of the state depended largely on Bayelsans voting the PDP standard-bearer, Senator Douye Diri, to sustain the development agenda of the restoration government.
He cited the Bayelsa International Airport, Agge Deep Seaport, three Senatorial roads, Health Insurance Scheme, model and boarding schools as achievements of the PDP and urged the electorate to vote wisely.
