The Bayelsa State Government has confirmed it received N3 billion flood prevention fund disbursed in August by the Federal Government to flood prone states.
Mr. Timiore Seipolou, Technical Adviser to Bayelsa Governor on Treasury and Accounts, disclosed this on Monday, October 28, 2024, in Yenagoa, the Bayelsa State capital, while giving a breakdown of revenue profile of the state for August and September.
Bayelsa is listed among the 21 states at risk of flooding by the National Emergency Management Agency’s 2024 Flood Alert.
Highlights of the revenue figures showed 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 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.
According to Seipolou, statutory revenue from the Federation Accounts for the month under review stands at N 792.89 million
He said the proceeds from Value Added Tax (VAT) 26 per cent of the revenue streams stood at N5.72 billion.
The technical adviser 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.
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 billion for the month under review.
For the month of September, Seipolou noted that statutory revenue for Bayelsa was N847.67 million.
The state also raked in N10.75 billion, 36 per cent of revenue 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.
He said that proceeds from VAT were N5.58 billion, 19 per cent of total revenue, while Internally Generated Revenue for September stood at N2.58 billion.
By Nathan Nwakamma
