Thursday, 18 October 2012
BAYELSA GOVT DECLARES N17BILLION AS INCOME FOR AUGUST 2012
The Bayelsa State Government has declared N17, 974,746,254.60K as income for the month of
August 2012, from the Federation Accounts Allocation Committee, FAAC.
Governor Seriake Dickson explained that the figure was high as a result of special refund received from the Federal Government.
On the directive of the State Governor, Commissioner for Finance, Mr. Duate Iyabi gave
a breakdown of the income at the monthly Transparency Initiative Press Briefing
in Yenagoa, the State Capital.
According to the Commissioner, deductions at source stood at N3.2 billion out of which
Bond deduction amounted to N1.2 billion while Deduction of Foreign Loans came up to
Mr. Iyabi further noted that, a refund of Over-payment Derivation Indices of N187.8 million
was made, while N219.2 million was also deducted as 13% Derivation Indices Recovery,
while a payment of January/ February 2012 Recovery stood at N854 Million.
A deduction of N83 million for Agriculture loan scheme was also made, leaving a balance of
On Expenditure, the Commissioner for Finance explained that N923 million was made
as Bank Loan repayment while N200 million was for Internal Revenue deductions.
According to him, Civil Servant Salaries came up to N3 billion and that of Political
Appointees amounted to N280 million, N250 million was for gratuity payments and
N936 million was for Monthly Overhead Payments, further leaving a balance of
On the special refunds, Mr. Iyabi explained that the total amount received was N7.3
A breakdown of the figure according to Mr. Iyabi, indicated that refunds on the bond issued was N1.9 Billion while special refunds from the Federal Government on recoveries amounted to N5 billion.
Mr. Iyabi also explained that N27 billion was utilized for capital payments adding that on
the whole, the State had a retained balance of