Bayelsa Govt to complete repayment of N50bn bond in 2019

The Bayelsa State Government says it will, in 2019, complete the repayment of the N50 billion bond it inherited from the previous administration, following the successful re-negotiation of the loan.
The Deputy Governor, Rear Admiral Gboribiogha Jonah (rtd), announced this at the monthly transparency briefing for January on Thursday in Yenagoa.
Jonah said that based on the restructuring, the monthly repayment of the facility had reduced from N1.24 billion to N422 million in view of the economic recession.
He also announced that the state government had concluded payment on ‘Scheme One’ of the commercial agricultural loan, while it had paid N66.7 million for the ‘Scheme Two’.
On the Federation Accounts Allocation Committee (FAAC) deductions, the deputy governor explained that N1.4 billion was deducted at source.
This include excess crude account facility of N127 million, restructured commercial bank loans of N741 million and N30 million as foreign loans.
Jonah, who announced N7.8 billion as net inflow from FAAC, said the state government recorded N863 million as internally generated revenue for December, 2016.
According to him, total fund available for spending in January amounts to N11.7 billion.
He said the amount was low because of N3 billion lease the state government obtained from a financial institution for the purchase of vehicles for the state legislators and the security outfit.
On expenditure, Jonah explained that N5.7 billion was spent.
This comprised civil servants salaries of N3.7 billion, political appointees salaries, N256 million; bank loans N1.6 billion and capital payments, N10 billion.
He said that the actual recurrent payments stood at N1.9 billion, leaving a balance of N6.9 billion.