NEWS

Bayelsa got N9.7bn from FAAC for December

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Governor Seriake Dickson of Bayelsa State on Wednesday declared that the State received N9.7 billion from the Federation Accounts Allocation Committee for the month of December, 2016.

Speaking with journalists on the allocation for the State from the FAAC, the governor explained in his breakdown that the state received N1.16 billion as statutory allocation.

Dickson said that oil derivation revenue of 13 per cent amounted to N3.2 billion, Value Added Tax, N699 million and Petroleum Profit Tax was N2.4 billion.

Others are budget supports to state, N1.111 billion; foreign exchange differential, N1.2 billion; and refunds on over payment, N57.5 million.

According to Dickson, out of this amount, N2.3 billion was deducted at source by FAAC, which included bond obligation, foreign loans and Commercial Agriculture Credit Scheme 1 and 2 and salary bailout to the state.

Dickson added that the government was servicing the loan obtained for the construction of the multi billion naira cargo airport, which according to him “will be of immense benefit to the economic growth of the state”.

He said that the efforts of the government at addressing the issue of over bloated wage bill had begun to yield some dividends as it recorded a reduction of over N1 billion.

He used the opportunity disclose that the government had ordered full payment of January salary with effect from Thursday.

The governor noted that although the price of crude oil experienced a leap in the months of November and December 2016, it was sad to note that it did not reflect in the funds from the Federation Account within the period.

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