The Bayelsa State Government on Monday lamented the decline in revenues accruing from the Federation Account, while announcing its income and expenditure profile for the months of August, September and October 2020.
Presenting a breakdown of the figures for the three months in Yenagoa, the Commissioner for Finance, Mr Maxwell Ebibai, disclosed that the state received a gross inflow of N12.8bn for August.
He explained that the amount consisted statutory allocation of N3.14bn, derivation N8.8bn, VAT, N1.97bn, and refund for Pay As You Earn, N636m.
Ebibai also noted that deductions from the Federation Allocation Accounts Committee was N1.7bn, comprising foreign loans to the state while the Federal Government recovery was N42.171m, restructured commercial loan N741.156m, among others.
The commissioner, who announced N463.9m as IGR receipt for July 2020, also remarked that funds from other sources stood at N500m.
He said total receipts from FAAC, excluding the deductions at source, amounted to N11.8bn, including the IGR for July, which brought the total receipts to N13.159bn.
For September, the finance commissioner stated that N10.285bn was recorded as gross inflow, including statutory allocation of N2.981bn, derivation, N6.030bn and Value Added Tax N1.27bn.
Ebibai also announced N1.952bn as total deductions from FAAC, noting that judging from the deductions at source from the month of August, the total deductions for September was significantly higher by N933m.
For October, according to him, the state recorded a gross inflow of N10.2bn, comprising statutory allocation of N1.9bn, derivation N3.8bn, VAT, N1.2bn and foreign acquisition fund of N1.9bn.
Ebibai said, “The state recorded a sharp drop in its revenue from the Federation Account owing to two major factors.
“The state has been receiving Federal Government grants since 2012, but started making refunds on it in September 2020 coupled with deductions at source on revenues due the state from the disputed oil well between Bayelsa and Rivers states.”
Title : Bayelsa laments drop in federal allocation
Description : The Bayelsa State Government on Monday lamented the decline in revenues accruing from the Federation Account, while announcing its incom...
