Bayelsa Govt Posts N4bn As Balance of Funds For September, 2018

****Declares N1bn IGR

The Bayelsa State Deputy Governor, Rear Admiral Gboribiogha John Jonah on Tuesday declared N4.4 billion as balance of funds available to the state as at 30th September, 2018.

The Deputy Governor announced this, while presenting the income and expenditure financial statements for the months of August and September in Government House, Yenagoa, in line with the administration’s policy of accountability and transparency.

He explained that, the amount consists of a N3 billion balance brought forward from the month of August, while N1 billion represented the balance of funds at the end of September.

According to the Deputy Governor, gross inflow from the Federation Account Allocation Committee (FAAC), for last month, stood at N14 billion, comprising a 13% derivation of N10.7 billion, statutory allocation N3 billion and Value Added Tax of N1 billion.

He said total FAAC deductions gulped N1.6 billion, including, restructured commercial bank loans, N741 million; bond obligation N421 million, restructured refund of overpayment N128 million and excess crude account facility of N126 million.

Rear Admiral John Jonah, however, noted that total receipts for September stood at N14 billion comprising net FAAC inflow of N12.8 billion, IGR for August N1 billion, funds from other sources N400 million.

He also explained that, the total amount for the outflows came up to N6.6 billion consisting of contractual guarantees of N2.8 billion, salaries for civil servants N2.8 billion while that of political appointees stood at N472 million.

Other components of the outflows include, salary grants to tertiary institutions amounted to N630 million while 10% contribution to payment of primary school teachers was N47 million.

Rear Admiral John Jonah also pointed out that recurrent expenditure stood at N3 billion while N3 billion was used for capital payment

For the month of August, he said Gross inflow was N13.6 billion, total FAAC deductions N1.6, bringing the net inflow to N12 billion while total expenditure for the month came up to N6 billion.

Earlier, the Commissioner for Information and Orientation, Mr. Daniel Iworiso-Markson said the transparency and accountability policy of Bayelsa has earned the state so much respect and honour both within and outside the state.

Mr. Iworiso Markson also commended Governor Dickson for providing responsive and purposeful leadership, adding that, the achievements of the present administration would remain an enduring legacy for posterity.