Bayelsa State Government has declared a total sum of N29.5bn as balance in its coffers after statutory deductions and capital payments as at the end of May.
Addressing the media on the income and expenditure profile of the state for the months of April and May 2013, at its monthly Transparency Briefing in Yenagoa, the Commissioner for Finance, Mr. Duate Iyabi announced N24.6bn as total inflow from the Federation Account for May.
Giving a breakdown of the figure, he explained that, the amount was made up Statutory Allocation of N2.7bn, Derivation fund was N12.4bn, SURE-P came to N1bn, Excess Crude N4.6bn, Augumentation of N2.9bn and NNPC Refund of N233m.
On deductions, Mr. Iyabi explained that, the sum of N1.2bn was deducted for bond repayment, N11.1m for the servicing of foreign loans, refund on Derivation Indices for 2010 gulped N392m, while N41m went for commercial agricultural credit scheme refund.
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