Monthly Transparency:Bayelsa renegotiates bond ...to end repayment in 2019 ...declares N6.7b balance from January 2017

Create: 03/02/2017 - 20:55

The Bayelsa State Government says it will complete the repayment of the N50 billion bond loan inherited from the previous administration in 2019, following the successful renegotiation of the facility.

The Deputy Governor, Rear Admiral Gboribiogha John Jonah (Rtd), stated this at the monthly transparency briefing for the month of January, 2017 on Thursday in Yenagoa.

Rear Admiral John Jonah said, based on the restructuring, the amount paid monthly had been reduced from N1.24 billion to N422 million, in view of the economic downturn.

The Deputy Governor also announced that, the state government had concluded payment on scheme 1 of the Commercial Agricultural loan, while it paid the usual N66.7 million for the scheme 2.

Speaking further on the Federation Accounts Allocation Committee deductions, he explained that, N1.4 billion was the total amount deducted at source, which include, excess crude account facility of N127 million, restructured commercial bank loans of N741 million and foreign loans N30 million.

Rear Admiral John Jonah, who announced N7.8 billion as net inflow from FAAC, said the state government received internally generated revenue of N863 million for the month of December, 2016.

According to him, total funds available for spending in January, amounted to N11.7 billion due to the N3 billion the state government secured from a financial institution as lease for the purchase of vehicles for state legislators and the security outfit.

On expenditure, the Deputy Governor noted that, the total amount expended was N5.7 billion, comprising civil servants salaries of N3.7 billion, political appointees salaries N256 million, bank loans N1.6 billion, capital payments N10 billion, while actual recurrent payments stood at N1.9 billion, leaving a balance of N6.9 billion.

In his remarks, the Commissioner for Information and Orientation, Hon. Jonathan Obuebite said the transparency policy of the present administration would be further strengthened, with the collaboration of the Independent Corrupt Practices and other Related Offences Commission.

Responding to questions, the Special Adviser on Treasury, Revenue and Accounts, Mr. Timipre Seipulo, described the internally generated revenue for December 2016 as encouraging, adding that, the government expects to achieve its target of N1.2 billion soon.