Economy: Bayelsa declares first surplus balance in 5 months ....says N3.5b available for spending

Create: 12/20/2016 - 19:26

For the first time in about 5 months, the Bayelsa State Government has declared N3.5 billion as balance of funds available for spending as at the end of November 2016.

In the previous month of October, it recorded a deficit balance of N160.4 million.

The state government has been recording deficit balance for about 5 consecutive months, occasioned by the shortfall in revenues from the federation account, coupled with the reduction in its production quota of crude oil.

The State Deputy Governor, Rear Admiral Gboribiogha John Jonah (retd), announced the figure on Monday at the transparency briefing for the months of October and November, 2016 in Government House, Yenagoa.

Presenting the income and expenditure profile for the month of November, Rear Admiral John Jonah said, the state received N11.6 billion as gross inflow from the federation account.

He noted that, the amount comprises petroleum profit tax of N4.8 billion, derivation N3.3 billion, exchange differential N1.2 billion, statutory allocation N1.1 billion, Budget support N1.1, refund from Rivers State N57.5 million, while value added tax amounted to N618 million.

On FAAC deductions totalling N2.3 billion, the Deputy Governor said bond deduction gulped N1.2 billion, restructured commercial bank loan N741 million, commercial agricultural credit schemes one and two N162.3 million, foreign loans N28.76 million, salary bailout to the state N16.3 million and Excess Crude account loan N126. 67 million bringing the net inflow to N9.3 billion.

He noted that, the state received N608.9 million as internally generate revenue from the month of October, 2016, in addition to refunds from the bond loan of N4.75 billion following its restructuring as well as refunds from local government of N97.67 million, which increased the amount available for spending to N14.7 billion.

On expenditure, Rear Admiral John Jonah announced a total outflow of N11.69 billion which include, bank loan repayment N2.8 billion, recurrent payments N3.8 billion, capital expenditure N6.4 billion, Cot provision N59 million and payment for IGR collection of N48.5 million.

In his remarks, the Commissioner for Information and Orientation, Hon. Jonathan Obuebite noted that, the transparency and accountability posture of the Dickson-led administration has remained a major policy thrust of the government, since its inception in 2012.