September 25, 2022

Bayelsa Govt Approves Increment In Subvention For Tertiary Institutions, Declares N3.5bn As Balance As At June, 2022

3 min read

Bayelsa state Government has approved an increment in the salary grant for tertiary institutions in the state to assuage their financial burden.

The Technical Adviser to the governor on Treasury, Accounts, and Revenue, Mr. Timipre Seipulo disclosed this on Friday at the monthly transparency briefing for May and June 2022 in Yenagoa.

The Senator Douye Diri-led administration had been releasing over N854 million monthly as a subvention to tertiary institutions in the state.

Mr. Seipulo noted that with the implementation of the increment in no distant time, the grant would be higher than what the institutions were currently receiving.

His words: “You are all aware that state government has graciously approved some increase to tertiary institutions. By the time that is being implemented, most likely within a short period, the grant will be higher than what they are getting.”

Presenting the income and expenditure report for May 2022, Mr. Seipulo said the total gross inflow from the Federation Accounts Allocation Committee (FAAC) stood at N22.86 billion.

The amount was made up of statutory allocation of N2.57 billion, derivation of N17.82 billion, Value Added Tax of N2.28 billion, and nonoil revenue of N124.6 million among other items.

Mr. Seipulo also announced N1.62 billion as FAAC deductions comprising refund of budget support of N154.9 million, restructured refund of overpayment of N128.7 million, commercial agricultural credit scheme of N199.08 million, excess crude account loan facility of N126.6 million among other components leaving a balance of N21.23 billion.

He said internally generated revenue for April was N1.68 billion bringing the total receipts after FAAC deductions to N22.9 billion.

On outflows, the governor’s aide noted that it gulped N10.3 billion which includes, bank loan repayment of N3.52 billion, salary grant to tertiary institutions N854.3 million, civil servants salary N4.23 billion, while that of political appointees stood at N468 million among others leaving a balance of N12.6 billion.

According to him, the state government spent about N11 billion on capital expenditure while recurrent payments came up to N2.9 billion, totaling N14.07 billion.

Mr. Seipulo who said the state recorded a shortfall of N1.4 billion after total payments, it had a balance brought forward from April of N3.85 billion which made up for the deficit and closing balance of N2.43 billion.

For June, he said total gross inflow stood at N19.19 billion made up of statutory allocation of N2.19 billion, derivation N14.07 billion, and Value Added Tax N1.97 billion among others.

Mr. Seipulo also announced N1.6 billion as total FAAC deductions consisting of refund of budget support N154.9 million, restructured overpayment of 13% derivation N128.3 million, excess crude account loan facility N126.6 million, salary bailout N16.2 million among other items leaving a net receipt of N17.5 from FAAC.

He said received N1.9 billion as internally generated revenue for May leaving a balance of N18.68 billion after FAAC deductions.

The governor’s aide said total outflows gulped N8.16 billion made up of bank loan repayment of N1.72 billion, and salary-related items of N6.144 leaving a balance of N10.5 billion before capital and recurrent expenditure.

According to Mr. Seipulo, the state government spent N2.5 billion for recurrent payments while capital expenditure came up to N6.9 billion totaling N9.4 billion leaving a balance of N1.8 billion.

He explained that the balance brought forward from May was N2.4 billion leaving a balance carried forward in June of N3.5 billion.

Also speaking the Commissioner for Finance, Mr. Maxwell Ebibai assured that workers’ salaries would remain a major priority of the government as evidenced in the prompt payment of salaries.

The Commissioner for Information, Orientation and Strategy, Hon. Ayibaina Duba and the state’s Accountant General, Tokoni Ifidi were also in attendance.

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