{"id":31073,"date":"2014-09-10T11:53:45","date_gmt":"2014-09-10T10:53:45","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=31073"},"modified":"2014-09-10T11:53:45","modified_gmt":"2014-09-10T10:53:45","slug":"bayelsa-govt-laments-drop-revenue-faac","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/bayelsa-govt-laments-drop-revenue-faac\/","title":{"rendered":"Bayelsa Govt Laments Drop in Revenue from FAAC"},"content":{"rendered":"<div id=\"yui_3_16_0_1_1410340016813_24861\" dir=\"ltr\" style=\"color: #000000;\">\n<p id=\"yui_3_16_0_1_1410340016813_24860\" class=\"yiv1656948684MsoNormal\" style=\"text-align: justify;\"><span id=\"yui_3_16_0_1_1410340016813_24859\">The Bayelsa State Government has said, the state had a shortfall in revenue of about N2bn from the federation account for the months of July and August, 2014.<\/span><\/p>\n<p id=\"yui_3_16_0_1_1410340016813_24889\" class=\"yiv1656948684MsoNormal\" style=\"text-align: justify;\"><span id=\"yui_3_16_0_1_1410340016813_24888\">Governor Seriake Dickson, who stated this at the monthly transparency briefing for the months of July and August at the Banquet Hall in Yenagoa, explained that, the trend has been consistent for the past 2 years.<\/span><\/p>\n<p id=\"yui_3_16_0_1_1410340016813_24891\" class=\"yiv1656948684MsoNormal\" style=\"text-align: justify;\"><span id=\"yui_3_16_0_1_1410340016813_24890\">Giving a breakdown of the financial transactions of the state, the Finance Commissioner, Mr.\u00a0<span id=\"yui_3_16_0_1_1410340016813_24892\">Duate<\/span>\u00a0Iyabi declared N3.6bn as the balance of funds available as at the end of August 2014.<\/span><\/p>\n<p id=\"yui_3_16_0_1_1410340016813_24894\" class=\"yiv1656948684MsoNormal\" style=\"text-align: justify;\"><span id=\"yui_3_16_0_1_1410340016813_24893\">He explained that out of a gross inflow of N14.9bn from the federation account, including statutory allocation of N3bn, derivation was N10.1bn and SURE-P receipt of N1bn, only N12.5bn accrued to the state as net inflow after FAAC deductions of N2.3bn.<\/span><\/p>\n<p id=\"yui_3_16_0_1_1410340016813_24958\" class=\"yiv1656948684MsoNormal\" style=\"text-align: justify;\"><span id=\"yui_3_16_0_1_1410340016813_24957\">Other inflows comprise an IGR of N710m for the month of July, which is about N40bn lower than the previous month, refund from cassava project loan repayment -N487m, while funds from other sources stood at about N1bn.<\/span><\/p>\n<p id=\"yui_3_16_0_1_1410340016813_24910\" class=\"yiv1656948684MsoNormal\" style=\"text-align: justify;\"><span id=\"yui_3_16_0_1_1410340016813_24909\">On deductions, bond repayment gulped N1.2bn, a refund of N392.8m as over payment of 13% derivation indices from November 2006-June 2010, which is the 34<sup>th<\/sup>\u00a0out\u00a0of 72 installments, in addition to the\u00a0commercial agricultural\u00a0credit schemes 1and 2 amounting to N203m.<\/span><\/p>\n<p id=\"yui_3_16_0_1_1410340016813_24907\" class=\"yiv1656948684MsoNormal\" style=\"text-align: justify;\"><span id=\"yui_3_16_0_1_1410340016813_24908\">Others include, the refund of arrears of derivation revenue to Akwa Ibom\u2019s Iro Ekanga Oil Field of N131m, over payment to Bayelsa State EA oil N170m and foreign loans of N20m.<\/span><\/p>\n<p id=\"yui_3_16_0_1_1410340016813_24904\" class=\"yiv1656948684MsoNormal\" style=\"text-align: justify;\"><span id=\"yui_3_16_0_1_1410340016813_24905\">On expenditure for August, Mr.\u00a0<span id=\"yui_3_16_0_1_1410340016813_24906\">Iyabi<\/span>\u00a0declared N5.9bn as bank loan repayment, civil servants salaries N3.9bn, while N430m was spent as salaries for political appointees.<\/span><\/p>\n<p id=\"yui_3_16_0_1_1410340016813_24903\" class=\"yiv1656948684MsoNormal\" style=\"text-align: justify;\"><span id=\"yui_3_16_0_1_1410340016813_24902\">Monthly overhead payment was put at N1.2bn, 18% minimum wage arrears amounted to N125m in addition to standing monthly approvals of N373m and Federal Inland Revenue Service was N200m.<\/span><\/p>\n<p id=\"yui_3_16_0_1_1410340016813_24901\" class=\"yiv1656948684MsoNormal\" style=\"text-align: justify;\">\n<p id=\"yui_3_16_0_1_1410340016813_24900\" class=\"yiv1656948684MsoNormal\" style=\"text-align: justify;\"><b id=\"yui_3_16_0_1_1410340016813_24937\"><span id=\"yui_3_16_0_1_1410340016813_24936\">Daniel Iworiso-Markson<\/span><\/b><\/p>\n<p id=\"yui_3_16_0_1_1410340016813_24899\" class=\"yiv1656948684MsoNormal\" style=\"text-align: justify;\"><span id=\"yui_3_16_0_1_1410340016813_24898\">Chief Press Secretary to the Governor of Bayelsa State<\/span><\/p>\n<\/div>\n<p style=\"text-align: justify;\">\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Bayelsa State Government has said, the state had a shortfall in revenue of about N2bn from the federation account for the months of July and August, 2014. Governor Seriake&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":26032,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-31073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bayelsa Govt Laments Drop in Revenue from FAAC - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/bayelsa-govt-laments-drop-revenue-faac\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bayelsa Govt Laments Drop in Revenue from FAAC - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Bayelsa State Government has said, the state had a shortfall in revenue of about N2bn from the federation account for the months of July and August, 2014. 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