Home Business & Economy Bayelsa declares N1.13bn high IGR since 5 yrs

Bayelsa declares N1.13bn high IGR since 5 yrs

CHINEDU WOSU, Yenagoa

The Bayelsa State Government has for the first time since 2012, recorded N1.13 billion as its Internally Generated Revenue (IGR) for the month of March, 2017 as against N983 million declared in February following its government’s aggressive drive to shore up revenue for the state.

Deputy Governor, Rear Admiral Gboribiogha John Jonah (rtd), who announced this during the transparency briefing for the month of April, 2017 in Yenagoa, said the government is yet to receive the second tranche of the Paris club refund.

Gborigbiogha noted that, Bayelsa State received N14.5 billion in November 2016, out of the N21.168 billion due the state for the first tranche of the Paris Club refund.

He however, disclosed the receipt of additional N6.61 billion in the month of March, as the  balance of the N21.168 billion, out of which N1.9 billion was released to the local government councils.

“The Paris Club refund to states is not a gift from the Federal Government to pay salaries; it is state governments’ money that was deducted without consulting the states.

At a meeting, it was decided that the money should be paid in two installments.”, he said

He further added that,“A chart was drawn up and the entitlements of every state were written. But, the Federal Ministry of Finance and the Central Bank of Nigeria decided that, if that money was released to states for payment of salaries, there would be too much money in circulation. It was then decided the money would be paid in four installments, which is 25% at a time. “

“When the first 25% was paid, Bayelsa state could have got N21.168 billion, but then, when the money came, they only released to us, N14.5 billion. The first tranche was supposed to have been N21.168 billion. But again, that N14.5 billion was not for the state government alone, because out of the amount, N1.3 billion was for the local government councils.  So, what actually came to the state government was the balance of N13.2 billion.”

Rear Admiral Jonah, who noted that the state made significant Improvement in the IGR in recent times, attributed the development to Deliberate efforts to beef up the revenue base of the state.

The Deputy Governor explained that, though, the state experiences seasonal Fluctuations in its IGR, he said, the government hopes to sustain its current drive, particularly in the area of wooing investors to increase the revenue.

Presenting the income and expenditure  profile, he said, the state government was left with N7.3 billion as total funds available as at the end of April, 2017.

Rear Admiral John Jonah said, out of the gross inflow of N11.6 billion, FAAC deductions gulped N1.5 billion, thereby bringing the net inflow to N10.4 billion.

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