Nelson Utip
The Government of Bayelsa State has said that it has received the sum of N3 billion for flood prevention from the Federal Government to flood prone states in August, The Technical Adviser to the State Governor on Treasury and Account, Timiore Seipolou, disclosed this to Newsmen on Monday in Yenegoa while giving an update of the revenue profile of the state for August and September.
Bayelsa is among the 21 states at risk of flooding by the National Emergency Management Agency’s 2024 Flood Alert.
A breakdown of the revenue profile shows 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. Bayelsa’s oil derivation revenue was N 8.69 billion, 31 per cent; the state got N22.99 billion from exchange rate gains representing 46 per cent of the state’s revenue for August.
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Seipolou further disclosed that statutory revenue from the Federation Accounts for the month under review stands at N 792.89 million, while proceeds from Value Added Tax, VAT, 26 per cent of the revenue streams stood at N5.72 billion.
He said that Bayelsa earned N2.46 billion from internal sources, while the gross revenue from the Federation Accounts Allocation Committee (FAAC) for August was N 28.36 billion.
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According to the figures, Bayelsa the state spent a total of N6.56 billion for debt service obligations to commercial banks while cumulative revenue including proceeds from signature bonuses, revenue from sundry income from oil production came to N90.89 billion within the period under review.
Seipolou stated that in September, the statutory revenue for Bayelsa was N 847.67 million, N10.75 billion, 36 per cent of revenue was from exchange rate gains, while oil derivation revenue of N9.08 billion representing 30 per cent of total revenue that came to the coffers of the state. Proceeds from VAT were N5.58 billion, 19 per cent of total revenue, while Internally Generated Revenue for September accounted for N2.58 billion.
