Bayelsa declares N2.8 bn surplus for January 2015

Bayelsa State Government has declared N2.8 billion as funds available as at the end of February 2015, just as it announced N758 million as Internally Generated Revenue for January, 2015.
Governor Seriake Dickson, represented by his deputy, Chief Gboribiogha John Jonah, announced this on Wednesday at the monthly transparency briefing in Yenagoa.
Dickson announced a gross inflow of N10.9 billion from the Federation Accounts Allocation Committee (FAAC) comprising statutory allocation of N2.3 billion, derivation N7.6 billion, VAT N572 million, Excess Crude N257 million and NNPC refund of N156 million.
On FAAC deductions, he said Bond deductions stood at N1.2 billion, foreign loans N12.9 million; commercial agricultural credit scheme, N66.7 million; fertiliser for 2013 farming season, the 4th out of six instalments amounting to N2.9 million.
Also, the refund of arrears of derivation revenue to Akwa Ibom State on the Iro Ekanga Oil field was N132 million, bringing the total amount to N1.5 billion.
These deductions, according to Dickson, brought the net inflow from FAAC to N9.5 billion, putting the IGR receipt for January 2015 at N759 million.
Funds from other sources amounted to N500 million, in addition to special refunds of N751 million.
On expenditure, he said that bank loan repayments stood at N5.2 billion, salaries of civil servants, including pension payments was N4.035 billion while that of political appointees came up to N404 million.
He noted that there was no monthly overhead and 18 per cent minimum arrears payments.
Total Payments gulped N1.4 billion, comprising recurrent of N983 million and capital payment was N1.1 billion, leaving a balance of N2.8 billion.
For January 2015, Dickson declared N10.7 billion as net inflow from FAAC, N809 million as IGR receipts for December 2014, funds from other sources was N1 billion and Bond refunds to the state of N1.5 billion, bringing total funds available for spending to N13.987 billion.
Dickson posted bank loan repayments of N4.968 billion; salaries of civil servants were N4 billion, political appointees N394 million, monthly overhead payments stood at N921 million while monthly standing approvals was N241 million.