Simon Utebor, Yenagoa
BAYELSA State has lamented the decline in revenue accruing from the federation account.
Commissioner for Finance Maxwell Ebibai, while announcing the state’s income and expenditure profile for August, September and October, said the state received a gross inflow of N12.8 billion for August.
He explained that the amount consists of statutory allocation of N3.14 billion, derivation (N8.8 billion), Value Added Tax (VAT) N1.97 billion, refund for Pay As You Earn (PAYE) N636 million.
Ebibai noted that deductions from the Federation Allocation Accounts Committee (FAAC) was N1.007 billion comprising foreign loans to the state, while Federal Government recovery was N42.171 million, restructured commercial loan N741.156 million, among others.
The commissioner, who announced N463.9 million as Internally Generated Receipt (IGR) receipt for July, said funds from other sources stood at N500 million.
According to him, total receipts from FAAC, excluding the deductions at source, amounted to N11.8 billion, including the IGR for July, which brought the total receipts to N13.159 billion.
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For September, N10.285 billion was recorded as gross inflow, including statutory allocation of N2.981 billion, derivation (N6.030 billion) and VAT (N1.27 billion).
Ebibai announced N1.952 billion as total deductions from FAAC, noting that from the deductions at source for August, the total deductions for September was significantly higher by N933 million.
He said the state recorded a sharp drop in its revenue from the federation account owing to two major factors.
According to Ebibai, total recurrent and capital payments gulped N4.3 billion, leaving a deficit of N707 million. He noted that the balance brought forward from September was N995 million out of which the state had a closing balance of N288.7 million.
