The Bayelsa State Government on Thursday posted a total of four billion naira as net balance for the month of March 2017, saying it recorded some improvement in its internally generated revenue (IGR) in the preceding month.

Briefing newsmen on the income and expenditure profile of the state in Government House, Yenagoa, the Deputy Governor, Rear Admiral Gboribiogha John Jonah (Rtd.), said the state raked in an IGR of N983 million in February, as against N683 million in the month of January, 2017.

The Deputy Governor, who announced a gross inflow of N11 billion from the Federal Accounts Allocation Committee (FAAC) for March, explained that only N9.5 billion accrued as net inflow following the deduction of N1.5 billion at source.

Components of the gross inflow, according to him, included 13% derivation of N4.9 billion, statutory allocation N1.4 billion, petroleum profit tax (PPT) N1.8 billion, exchange differential and budget support of N1 billion each while value added tax (VAT) stood at N619 billion.

On FAAC deductions, Rear Admiral John Jonah said N741 million was deducted as restructured commercial bank loan repayment, 147 million as refund to Akwa Ibom and Imo states for previous overpayments, bond deductions N429 million, repayment of excess crude facility N126 million, commercial agriculture credit scheme two N66.6 million and foreign loan repayment N26 million.

Commenting on the expenditures for March totalling N6.2 billion, the deputy governor noted that government spent N3.7 billion on salaries for both civil servants and political appointees, bank loan repayment N1.6 billion, while 612million went as transfer to Local Government councils on account of the Paris Club Refund among other items.

He added that balance brought forward from the month of February stood at N7 billion with actual recurrent and capital payments gulping a total of N7.2 billion thereby leaving a negative balance of N106 million, which was taken care of by a N4.2 billion FAAC surplus that accrued to the state within the accounting period.

Earlier in his remarks, the Commissioner for Information and Orientation, Hon. Jonathan Obuebite restated the present administration’s commitment to its policy of transparency and accountability, and assured that the state resources would be judiciously utilised to pursue the common good of the people.

Update news