Breaking News

Bayelsa govt posts N4bn balance, declares N1bn IGR

By Jimitota Onoyume

YENAGOA—BAYELSA State Deputy Governor, Rear Admiral John Jonah (retd), has declared N4.4 billion as the balance of funds available to the state as at September 30, 2018.

He announced this while presenting the income and financial statements for the months of August and September in Yenagoa, in line with the administration’s policy of accountability and transparency.

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

Segun Agagu : Five years after

According to the Deputy Governor, gross inflow from the Federation Account Allocation Committee (FAAC), for last month, stood at N14 billion, comprising  13 percent 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.

He, 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.

NDDC to resume work on Ugborodo shore protection project —Ifowodo

He also explained that the total amount for the outflows came up to N6.6 billion consisting 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 which amounted to N630 million, while 10 percent contribution to payment of primary school teachers was N47 million.

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 was N6 billion.


All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.