By Samuel Oyadongha

Yenagoa—Bayelsa State Government, yesterday, said it spent about N123 billion between 2012 till date on debts servicing, including bonds and foreign loans obtained by the previous administration, even as it lamented the  huge financial burden facing the administration in the midst of  the prevailing economic challenges.

At a briefing yesterday, Deputy Governor, Rear Admiral Gboribiogha John Jonah (retd), said  the state government had paid a total of N62 billion on bonds obtained by the immediate past administration, while over N61 billion had so far been deducted at source by the Federation Accounts Allocation Committee, FAAC, for loans and over-payments to the previous administration.

Giving clarification on the N50 billion bond, he explained that the total value of the bond was N104 billion, which was expected to be paid off in June 2017.

He also spoke on the income and expenditure for the month of March 2016, and announced a gross inflow of N5.5 billion, which comprises statutory allocation of N1.5 billion, derivation (N3.4 billion), Value Added Tax (N550.7 million) and exchange differential (N78 million).

On deductions, he stressed that, N1.2 billion, went for bond payment, while comprehensive reconciliation of over-payment made to the state between November 2006 and June 2010, the third out of 28 installments, was N392.8 million.

Also, refund on over-payment of 13 per cent derivation indices from August 2008 to 2009, the third out of 22 installments, amounted to N187.8 million.