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Bayelsa IGR rises to N1.2bn in March

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Bayelsa , Coastline
Map of Bayelsa State

The Bayelsa Government on Saturday said it generated N1.2 billion as Internally Generated Revenue (IGR) in the month of March 2020, highest in the last one year, up from N848.9 million generated in February 2020,

Mr Timipre Seipulou, the Technical Assistant to the Governor on Treasury, Account and Revenue, gave the figure in Yenagoa, during the transparency briefing for March and April 2020.

Seipulou explained that the gross inflow for March was N12.8 billion while total deductions from the Federation Accounts Allocation Committee (FAAC) stood at about N1.5 billion, leaving a net balance of N11.3 billion.

He said the IGR for February was N848.9 million; funds from other sources came up to N1.5 billion while local government refunds from bailout was N16.3 million.

The governor’s aide added that a total of other receipts of N2.4 billion in addition to net FAAC and other receipts amounted to N13.7 billion.

He noted that the state government made a total payment of N4.8 billion for both capital and recurrent expenditures.

For the month of April, Seipulou announced a gross inflow of N14.3 billion , comprising statutory allocation of N2.5 billion, derivation N6.3 billion, extra savings from the Excess Crude Account N2.7 billion, Value Added Tax N1 billion and exchange differential of N1.5 billion.

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He also said total deductions from FAAC gulped N1.47 billion, which include refund for budget support N152 million; refund on overpayment of derivation indices N128.3 million; Commercial Agricultural Credit (Scheme 2) N266.6 million, among other components.

Seipulou declared N8.1 billion as total outflows, consisting bank loans and contractual guarantees of N2.1 billion, civil servants’ salary N3.9 billion, part of arrears for payment of January salaries N409 million, salaries for political appointees and members of boards N119 million, gratuity payments N100 million, among other items.

According to him, a balance of N5.86 billion was left in the state’s coffers excluding capital and recurrent payments of N4.3 billion, leaving a balance of N1.58 billion.

He noted that the balance brought forward from the month of March was N573.5 million in addition to the balance of April (N1.58 billion) which stood at N2.11 billion at the end of April 2020.

Chief Freston Akpor, the Permanent Secretary, Ministry of Information and Orientation, said the transparency and accountability posture of the Sen. Douye Diri administration would no doubt build trust and promote good governance.

Akpor lauded members of the finance team for their painstaking efforts at rendering the income and expenditure of the state government in compliance with the Transparency Law 2012.

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Vanguard News Nigeria.

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