Bayelsa State Government has declared N23.8 billion as balance of funds in its coffers at the end of November 2013.

Analyzing the State’s income and expenditure for the months of October and November at the monthly transparency briefing on Tuesday, the State Deputy Governor, retired Rear Admiral Gboribiogha John Jonah explained that the amount include N12. 3bn and N11.6bn savings for the months of October and November respectively.

The gross inflow for the month of October, according to the Deputy Governor stood at N14.593bn out of which, statutory allocation was N2.585bn, NNPC, N233 million, 13% derivation N10.105bn, VAT 616m, 231. SURE-P, N1bn 52m and there were no funds from the Excess Crude and augmentation.

He added that the deductions from FAAC was N2.7bn and it included bond deductions N1.2bn, foreign loans to the State gulped N12.6m, while refund of overpayment of revised 13% derivation indices from August 2008 to December 2009 amounted to N187.8m.

Also, one per cent of the statutory allocation amounting to N25.8million was deducted to the Police Fund while net inflow from FAAC was N12.2bn, he submitted.

On the outflow, he pointed out that bank loan repayment accounted for N3.8bn, while total expenditure stood at N9.8bn with salaries of civil servants gulping N3.985bn while that of political appointees amounted to N434 million in addition to the monthly overhead payment, which took N1.166bn.

For November, he said the State received statutory allocation of N2.5bn, while derivation was N8.7bn, VAT N11.9million, SURE-P, N1.4bn, Excess Crude N4.5bn, and NNPC refund to the State was N233.2million.

Gross Inflow according to him, stood at N17.67bn which was an improvement on the previous month.

Total deductions from FAAC stood at N2.7bn made up of bond deduction N1.2bn, loans to the State, N12.6million, overpayment on derivation is N188million and N25million for Police Fund among others.

The Deputy Governor gave N9.1bn as total outflow for November comprising bank loan repayment of N3.1bn, salaries of civil servants N4.2bn, political appointees emoluments N432million and monthly overhead payment of N1.2bn.

According to him, balance from October FAAC and SURE_P amounted to N7.8bn while total payments for the period stood at N8.4bn comprising recurrent of N3.1bn and capital payment of N5.2bn.


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