Bayelsa Declares N889 million Deficit Balance for June

Posted by African Examiner Featured, Latest Headlines, News Tuesday, August 30th, 2016

…Set to Kick-Off Model Boarding Schools

BALTIMORE, MD (AFRICAN EXAMINER) – The Bayelsa State Government on Tuesday declared a deficit of N889 million for the month of June, 2016 out of a net inflow of N4.4 billion from the Federation Accounts Allocation Committee, (FAAC).

Presenting the income and expenditure profile for the state in his office in Government House, Yenagoa, the Deputy Governor, Rear Admiral Gboribiogha John Jonah (Rtd), said Bayelsa received the sum of N6.8 billion as gross inflow for the month.

The amount, according to him, include, 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 totaling N2.3 billion, the Deputy Governor 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.

Rear Admiral John Jonah said, 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 also 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.

The Deputy Governor, who threw some insight into the state of the model boarding secondary schools, explained that, efforts are on going, 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.