Bayelsa Increases IGR to N1.2bn from N848.9m

Bayelsa IGR

By Modupe Gbadeyanka

In the month of March 2020, the government of Bayelsa State increased its Internally Generated Revenue (IGR) to N1.2 billion from N848.9 million achieved in February 2020.

At a briefing over the weekend, the Technical Adviser to the Governor on Treasury, Account and Revenue, Mr Timipre Seipulou, stated that in the month under review, the gross inflow was N12.8 billion, while total deductions from the Federation Accounts Allocation Committee (FAAC) stood at about N1.5 billion leaving a net balance of N11.3 billion.

According to him, from the N848.9 million IGR in February, funds from other sources came up to N1.5 billion, local government refunds from bailout N16.3 million, total of other receipts N2.4 billion in addition to net FAAC and other receipts amounted to N13.7 billion.

The Governor’s aide noted that the state government made a total payment of N4.8 billion for both capital and recurrent expenditures.

For the month of April, Mr Seipulou announced a gross inflow of N14.3 billion comprising statutory allocation of N2.5 billion, derivation N6.3 billion, extra savings from the Excess Crude Account N2.7 billion, Value Added Tax N1 billion and exchange differential of N1.5 billion.

He also said total deductions from FAAC gulped N1.47 billion, which include refund for budget support N152 million, refund on overpayment of derivation indices N128.3 million, Commercial Agricultural Credit (Scheme 2) N266.6 million among other components.

He declared N8.1 billion as total outflows, consisting bank loans and contractual guarantees of N2.1 billion, civil servants’ salary N3.9 billion, part of arrears for payment of January salaries N409 million, salaries for political appointees and members of boards N119 million, gratuity payments N100 million among other items.

According to the Governor’s aide, a balance of N5.86 billion was left in the state’s coffers excluding capital and recurrent payments of N4.3 billion leaving a balance of N1.58 billion.

He noted that the balance brought forward from the month of March was N573.5 million in addition to the balance of April (N1.583 billion) stood at N2.111 billion at the end of April 2020.

Earlier, the Permanent Secretary, Ministry of Information and Orientation, Mr Freston Akpor, said the transparency and accountability posture of the Mr Douye Diri administration would no doubt build trust and promote good governance.

Mr Akpor lauded members of the finance team for their painstaking efforts at rendering the income and expenditure of the state government in compliance with the Transparency Law 2012.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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