• Pledges to recoup crude oil swap shortfalls
By Amgbare Prince, Yenagoa
The Government of Bayelsa State convened a transparency briefing covering the financial periods of November-December 2023 and January 2024.
During the briefing, Mr. Maxwell Ebibai, the Commissioner for Finance, affirmed the state’s financial stability over the past four years, emphasizing its diligent discharge of obligations in the overall interest of the populace.
Commissioner Ebibai underscored the importance of citizen participation in sustaining the state’s financial health through tax compliance.
He outlined the government’s commitment to exploring opportunities within the Federal Government’s condensate sales, ensuring the remittance of the state’s rightful 13% share and addressing the shortfall from crude oil swap signature bonuses.
He acknowledged the challenges posed by inflation and currency fluctuations, echoing the government’s determination to navigate these economic complexities.
Providing a detailed breakdown of income and expenditure, Mr. Timipre Seipulou, the Technical Adviser on Treasury, Accounts, and Revenue, revealed that Bayelsa State received N61.5 billion as 13% derivation from the Federation Account Allocation Committee (FAAC) for the specified months.
For November, statutory FAAC receipts amounted to 1.75 billion, with derivation at 4.76 billion, VAT at 3.27 billion, exchange gains at 5.65 billion, and electronic money transfer levies at 147 million.
Deductions included 520 million for various purposes such as foreign loans, Federal Government recovery restructuring, and ecological funds.
Mr. Seipulou also highlighted additional revenue streams, including Internally Generated Revenue (IGR), refunds from the Federal Government, and Special Intervention Funds (SUR-P). Expenditures encompassed loan repayments, civil servant salaries, arrears, and grants to educational institutions, among others, resulting in a surplus balance of 26.84 billion in January 2024 after all obligations and deductions.
Hon. Ayiba Duba, the Commissioner for Information, Orientation, and Strategy, reiterated the government’s unwavering commitment to transparency and accountability in resource management.
He announced upcoming events marking the transition to the second term of the Prosperity Government, affirming the administration’s dedication to public service and development.
High-ranking government officials present at the briefing included Madam Tokoni Ifidi, the Accountant-General of the State, Mr. Ebimobowei Wodu, Permanent Secretary of the Ministry of Finance, and Dr. Kolawole Oredipe, Director-General of Bayelsa New Media.
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