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Account Balance: Bayelsa In N889m Deficit For June

Source: thewillnigeria.com

SAN FRANCISCO, August 30, (THEWILL) – The Bayelsa State Government has declared a deficit of N889 million for the month of June, 2016, from a net inflow of N4.4 billion from the Federation Accounts Allocation Committee, (FAAC).

This was revealed by the Deputy Governor, Rear Admiral Gboribiogha John Jonah (Rtd), on Tuesday , while presenting the income and expenditure profile for the state in his office in Government House, Yenagoa, saying that the State received the sum of N6.8 billion as gross inflow for the month.

The amount, according to him includes statutory allocation of N1.3 billion, derivation N3 billion, Value Added Tax N575, exchange differential of N62 million, ESCROW Account N230 million, refund from Rivers State N57 million, while budget support, which is a Federal Government loan to states stood at N1.4 billion.

On FAAC deductions totalling N2.3 billion, Jonah noted that bond deduction gulped N1.2 billion, foreign loans N21 million, commercial agricultural loan schemes, 1 and 11 came up to N102 million, re-structured loan facility N741 million, salary bailout N16 million and Excess Crude Account loan facility N126 million.

He however declared that there was an improvement in the Internally Generated Revenue for May, which is N719 million, a difference of about N202 million as the state recorded an IGR of N517 million from the previous month.

He later announced a total outflow of N2.9 billion, comprising bank loan repayment of N1.2 billion, civil servants salary N1.5 billion, political appointees N120 million, adding that, actual recurrent payments stood at N1.1 billion, while that of capital payments for the month was N2.04 billion.

Meanwhile, the Deputy Governor also threw some insight into the state of the model boarding secondary schools, explaining that efforts are ongoing to ensure their take-off within the year.

He pointed out that, the present administration would constitute governing committees for all the schools in the 8 local government areas of the state to make for their effective management.

Story by David Oputah


Yesterday is history, tomorrow is mystery, but today is a gift.
By: Phyllis Impraim