Bayelsa State Government briefs citizens on fund receipts for May, June, and July 2024

By Amgbare Prince, Yenagoa

The Bayelsa State Government has provided a detailed report on its income and expenditure for May, June, and July 2024 during the Transparency Briefing held at the State Treasury Building in Yenagoa.

In her opening remarks, the Commissioner for Information, Orientation, and Strategy, Hon. Ebiuwon Koku-Obiyai, praised journalists for their positive coverage of the State Government’s programs and policies.

She emphasized the crucial role of the media as society’s mirror and reaffirmed her commitment to ensuring a continuous flow of news and information to highlight the activities of the Bayelsa State Government.

Presenting the financial breakdown, Mr. Timipere Seipulo, Technical Adviser to Governor Douye Diri on Treasury, Accounts, and Revenue, detailed the gross inflow for May 2024, which amounted to ₦31.05 billion.

This included a statutory allocation of ₦1.3 billion, derivation of ₦13.479 billion, and value-added tax of ₦5.19 billion. Deductions from the Federation Account Allocation Committee (FAAC), including restructured commercial bank loans (₦741 million) and foreign loans from the federal government (₦216 million), were also noted.

The net income for May stood at ₦29.643 billion, with additional receipts bringing the total to ₦60.1 billion.

Mr. Seipulo highlighted that total payments for May amounted to ₦14.79 billion, covering bank loan repayments (₦6.18 billion), civil servant salaries (₦4.97 billion), and political appointees’ salaries (₦405 million). Grants to tertiary institutions were ₦1.10 billion, and after accounting for other expenses, the state was left with a balance of ₦45.19 billion.

Recurrent expenditure for May was ₦4.92 billion, while capital project payments totaled ₦26.867 billion, leaving the state with a final balance of ₦94.615 billion.

For June 2024, the gross inflow was ₦26.694 billion, with a net FAAC receipt of ₦25.204 billion.

Internally generated revenue from May added ₦2.28 billion, with total receipts amounting to ₦47.29 billion. After payments totalling ₦15.09 billion, including bank loan repayments (₦6.4 billion) and salary-related expenses (₦8 billion), the state concluded the month with a balance of ₦105.7 billion.

In July 2024, the gross inflow was ₦26 billion, with significant contributions from statutory allocations, derivation, and exchange gains.

After deductions, the net balance stood at ₦112.2 billion. Mr. Seipulo noted that this balance is earmarked for major projects, including the ongoing Nembe/Brass, Yenagoa/Oporoma, Akaba/Okodi, and Glory Drive III roads, as well as the New Yenagoa City project, New House of Assembly Quarters, and New Commissioners Quarters.

The Transparency Briefing underscored the government’s commitment to fiscal transparency and accountability in managing the state’s resources.