Femi Folaranmi, Yenagoa
Bayelsa Government has lamented a dip in revenue accruing to the state from the Federation Account.
The government, which stated this while announcing its income and expenditure profile for August, September and October, also declared its debt profile is not a secret since it is in public domain through the Debt Management Office.
Presenting a breakdown of the figures for the three months in Yenagoa, Commissioner for Finance, Maxwell Ebibai, disclosed that the state received N12.8 billion, N10.285 billion and N10.2 billion for August, September and October respectively.
Ebibai, who disclosed N1.952 billion was the total deductions from FAAC, said judging from the deductions at source from August, the total deductions for September was higher by N933 million.
He said the state recorded a sharp drop in its revenue from the federation account due to two major factors.
According to him, the state had been receiving the Federal Government grants since 2012 but started making refunds in September 2020 coupled with deductions at source on revenues due to the state from the disputed oil well between Bayelsa and Rivers states.
Ebibai said Governor Douye Diri had been consistent in the payment of gratuities to pensioners despite the state’s financial constraints.