Bayelsa federal allocation hits N30.5 billion for February, March – Deputy Governor

The Bayelsa state government has received a gross inflow of N30.5 billion from the Federation Account Allocation Committee (FAAC) for the months of February and March this year.

The state Deputy Governor, Rear Admiral Gboribiogha John Jonah (rtd) made this known in Yenagoa, during transparency briefing in Government House.

Right is Rear Admiral Gboribiogha John Jonah (rtd) , the deputy Governor of Bayelsa State and Iworiso-Markson

According to the Deputy Governor the gross inflow to the state from FAAC in the month of February including statutory allocation of N2.9 billion and derivation of N10.4 billion was N15.20 billion.

He asserted that the net inflow after N1.6 billion frontline deductions from FAAC amounted to N13.3 billion but increased to N15.1 billion following the addition of N1.7 billion Internally Generated Revenue.

Given a breakdown on how the fund was utilize, the Deputy Governor said N4.2 billion was paid to contractors as capital expenditure while N5.9 billion was spent to offset other expenses like salaries of civil servants N2.9 billion, salaries of political appointees N301.2 million; grants to state owned tertiary institutions N630 million as well as restructured bank loans of N1.7 billion.

According to him other recurrent expenditures gulped N3.3 billion leaving a balance of N1.5 billion in the month of February.

The Deputy Governor said the state had a balance of N9.3 billion at the end of February with the N7.7 billion balance brought forward from the month of January.

For the month of March, the Deputy Governor said the state received a gross inflow of N15.3 billion from FAAC.

He explained that out the said gross inflow, N1.6 billion was deducted from FAAC which brought the net inflow to N13.7 billion, and later increased to N14.8 billion with the addition of N1.1 billion Internally Generated Revenue in March.

According to him out the aforementioned balance N6.2 billion was spent for payment of contractors handling projects in the state.