Bayelsa got N3 bn flood prevention fund from FG in Aug – Official
The Bayelsa government on Monday said it was in receipt of N 3 billion flood prevention funds disbursed in August by the Federal Government to flood prone states.
Bayelsa is listed amongst the 21 states at risk of flooding by the National Emergency Management Agency’s 2024 Flood Alert.
Mr Timiore Seipolou , Technical Adviser on Treasury to Bayelsa Governor on Treasury and Accounts stated this while giving a breakdown of revenue profile of the state for August and September 2024.
Highlights of the revenue figures show that in August, Bayelsa earned more from exchange rate differential, the gains accruing due to sliding value or the naira in dollar denominated oil proceeds than actual proceeds from oil.
While Bayelsa’s oil derivation revenue was N 8.69 bn, 31 per cent, the state got N22.99 bn from exchange rate gains representing 46 per cent of the state’s revenue for August.
According to Seipolou, statutory revenue from the Federation Accounts for the month under review stood at N 792.89 million
He said that proceeds from Value Added Tax (VAT) 26 per cent of the revenue streams was N 5.72 bn.
The Technical Adviser noted that Bayelsa earned N2.46 bn from internal sources, while the gross revenue from the Federation Accounts Allocation Committee (FAAC) for August was N 28.36 bn.
The figures indicate that the state spent a total of N6.56 billion for debt service obligations to commercial banks.
He explained that cumulative revenue including proceeds from signature bonuses, revenue from sundry income from oil production came to N90.89 bn for the month under review.
For the month of September, Seipolou noted that statutory revenue for Bayelsa was N 847.67 million.
The state also raked in N10.75 bn 36 percent of revenue from exchange rate gains. while oil derivation revenue of N9.08 bn representing 30 per cent of total revenue came to the coffers of the state.
Proceeds from VAT was N5.58 bn. 19 per cent of total revenue while Internally Generated Revenue for September was N2.58 billion.
