Bayelsa Releases State’s Account Balance Of N122.2bn As At July
Bayelsa State government has declared N112.203 billion as balance of funds in its coffers as at the end of July, 2024.
Mr Timipre Seipulo, the Technical Adviser to the Governor on Treasury Accounts and Revenue, stated this in Yenagoa while presenting the state’s income and expenditure financial report for the months of May, June and July 2024.
Seipulo said, for the month of May, gross inflow stood at N31.05 billion which include, statutory allocation N1.3 billion, derivation N13.479 billion, Value Added Tax N5.19 billion and exchange gain N10.882 billion.
He announced N1.414 billion as total deduction from Federation Account Allocation Committee (FAAC) which was made up of restructured commercial bank loan N741 million, foreign loan to state and Federal Government recovery N216 million, restructured overpayment of 13% derivation indices N128 million among other items.
He noted that the state was left with a net receipt of N29.643 billion, other receipts from internally generated revenue for April was N2.215 billion, infrastructure and signature bonus came up to N28 billion, transfer from ecological fund N101 million and total other receipts was N30.457 billion leaving a net FAAC receipts of N60.1 billion.
Seipulo said the state made a total payments of N14.79 billion comprising N6.18 billion on bank loan repayment, civil servants salary N4.97 billion and that of political appointees N405 million, grant to tertiary institutions N1.10 billion among other components leaving a balance of N 45.19 billion.
According to him, the state spent N4.92 billion for recurrent expenditure while capital payments were N26.857 billion totalling N31.78 billion.
He added that after recurrent and capital payments the state was left with a balance of N13.515 billion and in addition with the balance brought forward of N81.1 billion from the month of April, it had a closing balance of N94.615 billion.
In the month of June, Seipulo said gross inflow stood at N26.694 billion consisting statutory allocation of N722 million, derivation N7.36 billion, Value Added Tax N5.26 billion and exchange gain of N13.2 billion.
He said that FAAC deductions gulped N1.489 billion which include; foreign loan to state and Federal Government recovery N216 million, excess crude account loan facility to states N82.68 million among other items leaving a net FAAC receipt of N25.204 billion.
According to Seipulo, internally generated revenue from May was N2.28 billion, funds from other sources N19.45 billion, transfer from ecological fund N93 million which brings total other receipts to N21.82 billion leaving a balance of N47.29 billion. He stated that the state’s total payments before capital and recurrent expenditure gulped N15. 09 billion comprising bank loan repayment N6.4 billion, salary related items N8 billion, transfer of ecological fund to NDDC N46 million among others leaving a balance of N32.88 billion. Seipulo noted that the state spent N4.15 billion as recurrent expenditure while capital payments was N16.795 billion leaving a balance of N11.14 billion. In addition to the balance of N94.6 billion brought forward from May, the state had a closing balance of N105.754 billion at the end of June.
