The Bayelsa State Government has clarified that payments of the excess crude oil refund from the Federal Account Allocation Committee (FAAC) was made quarterly and not monthly as being bandied in some quarters.
The Technical Adviser to the governor on Treasury, Accounts and Revenue, Mr. Timipre Seipulo, made the clarification while presenting the state’s income and expenditure report for the months of September and October 2022 in Yenagoa, the state capital.
He said the excess crude account refund of about N13 billion was being paid to the state every 3 months which the state government had continued to make public through its transparency briefings to the people.
According to Mr Seipulo, the excess crude oil refund that the state received for September was about N13.8 billion which was utilized in funding major ongoing capital projects in the state.
The governor’s aide listed such projects to include the Yenagoa-Oporoma road for which over N12 billion had been spent out of the total contract sum as well as the Igbogene-AIT road that has gulped N19 billion so far.
Mr Seipulo also said over N21 billion has so far been disbursed for the Aleibiri-Sampou road and N17 billion has been spent on the Gloryland drive and N10 billion for the Nembe-Brass road project.
Also responding to questions on the ecological funds being distributed to states, the state’s Accountant General, Ms Tokoni Ifidi explained that what states receive as ecological funds now was part of the statutory allocation.
She further explained that the state’s do not receive the total ecological funds allocated as 50% of it were being transferred to the Niger Delta Development Commission.
Presenting the income and expenditure report of the state for the month of September, Mr. Seipulo said total gross inflow was N21.616 billion, comprising statutory allocation of N2.5 billion, derivation N16.8 billion, Value Added Tax N2.09 billion and non oil revenue N124 million.
He announced N1.59 billion as total FAAC deduction which include refund of budget support N154 million, commercial agricultural credit scheme N199 million, restructured overpayment of revised 13% derivation N128 million, restructured commercial bank loan N741.15 million among others leaving the state with a net FAAC receipts of N20.24 billion.
Mr. Seipulo noted that IGR from the month of August was N1.19 billion other receipts SURE-P N4.7 billion, transfer from ecological funds N72 million, refunds for excess crude N13.8 billion amounting to N19.84 billion.
He said the total receipts after FAAC deductions stood at N39.867 billion.
On outflows, Mr Seipulo said total salary related components gulped N6.2 billion, transfer of ecological funds to NDDC N36 million, 5% contribution to Bayelsa Health Insurance Scheme, grant to tertiary institutions, Education Trust Fund and Student Loan Board gulped N139 million among others which amounted to N9.48 billion leaving a balance of N30.38 billion.
According to him, recurrent payments stood at N4.7 billion while that of capital expenditure was N24.75 billion amounting to N29.544 billion leaving a balance of N840.42 million.
The governor’s aide noted that with the balance of N4.93 billion brought forward from August, the state was left with N5.77 billion.
In October, Mr Seipulo said total gross inflow was N29.16 billion comprising statutory allocation of N2.76 billion, derivation N24.02 billion, VAT N1.9 billion while non oil revenue was N374 million.
He announced N1.6 billion as total FAAC deductions which include, refund of budget support N154 million, commercial agricultural credit scheme N199 million and salary bailout to state N16 million leaving the state with a net FAAC receipt of N27.56 billion.
According to him, IGR for September was N2.65 billion transfer from ecological funds was N84 million, donations for flood relief N85 million amounting to N2. 82 billion and bringing the total receipts after FAAC deductions to N30.38 billion
On outflows, Mr Seipulo said it gulped N8.12 billion, consisting total salary component of N6.47 billion and transfer of ecological funds to NDDC N42 million leaving a balance of N22.25 billion.
He said N4.2 billion was spent on recurrent payments while capital expenditure gulped N12.9 billion totalling N17.1 billion.
Mr. Seipulo noted that with the balance of N5.69 brought forward from September, the state had a closing balance of N10.84 billion.
