Bayelsa declares N14.2 billion FAAC revenue for September

The Seriake Dickson administration in Bayelsa State has announced N14.2 billion as its total inflow from the Federation Accounts Allocation Committee (FAAC) for the month of September. The Special Adviser to the Governor on Treasury, Accounts and Revenue, Timipre Seipulo, stated this while presenting the revenues and expenditure profile of the state in Yenagoa.

He noted that the amount consists of statutory allocation of N3.4 billion, derivation of N8.87 billion, VAT of N774 million, foreign exchange equalisation totalling N579 million among other components.Seipulo also announced N1.3 billion as total deductions from the federation account, comprising a refund of budget support of N225.2 million and foreign loans to state, federal government recovery to the tune of N37 million.

He said other deductions include restructured commercial bank loans of N741 million, Excess Crude Account loans to states amounting to N126 million and refunds from overpayment of revised 13 per cent derivation indices of N128 million.

According to the aide, the net amount after FAAC deductions came up to N12.8 billion and total receipts from other sources, including internally generated revenue for the month of August, were N1.2 billion. He explained that the total of other receipts of N1.2 billion in addition to the net amount of N12.8 billion brought the sum for the month under review to N14.5 billion.

Meanwhile, the Partner For Petroleum and Energy Sector Prosperity Initiative (P-PESPI) has deplored the calls for the sacking of the Minister of State for Petroleum Resources, Chief Timipreye Sylva, over his remarks on international oil companies’ (IOCs) debt claim in the production sharing contract (PSC) regime.

The group’s national chairman, Charles Ibiang, said the minister was misquoted when a civil society organisation (CSO) alleged that he was sabotaging the government by urging dialogue with the IOCs over the PSC arrears running to the tune of $62 billion.He stated: “As close observers of the petroleum sector, the group is solidly behind Chief Sylva and commends his appreciation and deep knowledge of the reality in the Nigerian petroleum sector.”