Accountability: Bayelsa declares FAAC receipt of N9.7bn for December , 2016

Bayelsa State Governor, Henry Seriake Dickson, on Wednesday declared a receipt of N9.7 billion from the Federation Accounts Allocation Committee (FAAC) for December 2016.

The decision was line with his administration’s policy of transparency, prudence and accountability.

Speaking with journalists on the finances which got to the state from the federation account, the governor in his breakdown disclosed that the state received N1.16 billion as statutory allocation, 13% derivation amounted to N3.2 billion, Value Added Tax, N699 million and  Petroleum Profit Tax, N2.4 billion.

Others are budget supports to state, N1.111 billion, foreign exchange differential, N1.2 billion and refunds on over payment, N57.5 million.

The governor disclosed out of this amount, N2.3 billion was deducted at source by FAAC which include bond obligation, foreign loans, commercial agriculture credit scheme 1 and 11 and salary bailout to state.

Dickson added that the government was servicing the loan obtained for the construction of the multi billion naira Cargo Airport, which according to him, would be of immense benefit to the economic growth of the state.

He said the efforts of the government at addressing the issue of over bloated wage bill has begun to yield some dividends, as it has recorded a reduction of over N1 billion.

Also, the government has ordered full payment of January salary with effect from Thursday.

Commenting on the prevailing economic situation in the country, the governor said, although the price of crude oil experienced a leap in the months of November and December 2016, it was sad to note that it did not reflect in the funds from the Federation Account within the period.