BAYELSA GOVT POSTS N25.3BN BALANCE AT THE END OF JUNE …..AS GOV DICKSON EXPRESSES CONCERN OVER RECURRENT EXPENDITURE

19/07/2013
BAYELSA GOVT POSTS N25.3BN BALANCE AT THE END OF JUNE …..AS GOV DICKSON EXPRESSES CONCERN OVER RECURRENT EXPENDITURE

Bayelsa state Government posted the sum of N25.3 billion as balance as at the end of June, 2013. This includes the balance from the monthly allocation from Federation Account for the month of June, SURE-P of N10.8bn, and balance after deduction of recurrent and capital expenditure which stood at N13.5bn.

Disclosing this during the presentation of the 14 th edition of the Monthly Transparency press briefing in Yenagoa, Governor Seriake Dickson said the total inflow for last month amounted to N19.1 billion comprising statutory allocation of N2.6 billion, derivation N9.4 billion and Augmentation N5.02 billion. Other components of the inflow, according to the Governor include, subsidy Reinvestment and Empowerment Programme (SURE-P), N1.1 billion; VAT N811 million with an NNPC refund of N233m.

Hon. Dickson said total FAAC deductions for the period which included bond, foreign loans, refund on overpayment and commercial agricultural credit scheme amounted to N1.9 billion bringing the Net Inflow from FAAC to N17.2 billion.

Giving further insight into the financial position of the state, the Bayelsa State Governor announced a total outflow of N10.8 billion. Out of this amount, he said Civil Servants salaries gulped over N4 billion, salaries of political appointees – N555 million, bank loan repayment – N2.4 billion and monthly overhead payment – N1.2 billion. The outflows also comprised monthly standing approvals of N316 million, transfer to Gratuity Account N250 million with cost for collection of internally generated revenue (IGR) put at N32 million.

Governor Dickson posted N645 million as IGR receipt for the month of May, which he described as abysmally low and incapable of sustaining the much desired growth and development of the state. He said total payment to contractors between May and June, 2013 yanked off over N12 billion from the capital fund Account. Meanwhile, Governor Dickson has expressed concern over the State OF re-current expenditure, stressing the need for active participation of the Organized Private Sector

Daniel Iworiso-Markson
Chief Press Secretary to the Governor of Bayelsa State