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The Bayelsa State Government has declared a deficit balance of 1.27 billion Naira as funds available after meeting its financial obligations amounting to 6.9 billion Naira for October 2015.
Presenting the figures during the monthly transparency briefing in Yenagoa, the Bayelsa State capital on Tuesday, the Deputy Governor, Rear Admiral Gboribiogha Jonah (Rtd), said that the state received a gross inflow of 6.5 billion Naira, out of which a total of 2.2 billion Naira was removed as Federation Accounts Allocation Committee (FAAC) deductions.
On the inflow, he announced a statutory allocation from FAAC as 1.8 billion Naira, derivation as 4 billion Naira; Value Added Tax – 512 million Naira; exchange differentials of 115 million Naira, while Internally Generated Revenue for the month of September stood at 522 million Naira.
Giving a breakdown of the FAAC deductions, Mr Jonah said that the state expended 1.2 billion Naira as bond repayment, 18 million Naira on foreign loans to the state inherited from previous administration, as well as Commercial Agricultural Loan Scheme which amounted to 66.7 billion Naira.
On the outflows, the Deputy Governor stated that a total of 6.09 billion Naira was spent in October, comprising bank loan repayments of 1 billion Naira; salaries of civil servants at 3.6 billion Naira while that of political appointees stood at 515 million Naira. This is in addition to pension arrears for August 2015 which is 459 million Naira.
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