Bayelsa posts N4b as balance of funds in September, declares N1b IGR

• PFN wants politics made less lucrative
Bayelsa State government yesterday declared N4.4 billion as balance of funds at the end of September 2018.

The Deputy Governor, Rear Admiral Gboribiogha John Jonah, announced this in Yenagoa, while presenting the income and expenditure financial statements for the months of August and September.

He explained that, the amount consists of a N3 billion balance brought forward from the month of August, while N1 billion represented the balance of funds at the end of September.

He explained that last month’s gross inflow from the Federation Account Allocation Committee (FAAC) stood at N14 billion, comprising a 13 per cent derivation of N10.7 billion, statutory allocation N3 billion and Value Added Tax (VAT) of N1 billion.

Jonah added that the total FAAC deductions gulped N1.6 billion, including, restructured commercial bank loans, N741 million; bond obligation N421 million, restructured refund of overpayment N128 million, and excess crude account facility of N126 million.

He, however, noted that total receipts for September stood at N14 billion, comprising net FAAC inflow of N12.8 billion, with IGR for August at N1 billion, and funds from other sources at N400 million.

He also disclosed that the total amount for the outflows came up to N6.6 billion, consisting of contractual guarantees of N2.8 billion, salaries for civil servants N2.8 billion, while that of political appointees stood at N472 million.

The Commissioner for Information and Orientation, Mr. Daniel Iworiso-Markson, said the transparency and accountability policy of Bayelsa has earned the state so much respect and honour within and outside the state.