Bayelsa received N26.8bn total net revenue in two months

The Bayelsa State Government has announced that the Federation Account provided it with a total net revenue of N26.8 billion in July and August 2021.

While the government received N14.2 billion in July, the state received N12.6 billion in August.

However, the state’s total gross inflow over the two months was N31.5 billion, with N16.5 billion in July and N15 billion in August.

The Commissioner for Finance, Maxwell Ebibai, disclosed these during the income and expenditure briefing for the two months at the Treasury Building in Yenagoa.

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Ebibai said receipts from other sources in July amounted to N12bn in addition to an internally generated revenue (IGR) of N1bn, bringing the total receipts for the month to N26bn.

According to him, the total deductions for July at Federation Account Allocation Committee was N2.3bn while total expenditure stood at N21.7bn, leaving a net balance of N4.6bn which was added to N2.9bn brought forward from June to close July with N7.5bn.

The Finance Commissioner said in August, the state also recorded N1bn as IGR while revenue from other receipts was N2bn.

He said that the total expenditure was N9.5bn which left a balance of N6bn from the N15.6bn net inflow for the month of August with recurrent and capital payments gulping N8.1bn.

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According to Ebibai, the state had a deficit of N2.1 billion in August, but the sum of N7.5 billion brought forward from July brought the month’s total to N5.4 billion.