April 13, 2024

Bayelsa spends N3.52bn on debt servicing to commercial banks

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*IGR hits N1.68 bn in May

Nathan Tamarapreye, Yenagoa

The Bayelsa State government, on Friday, said it spent a total of N3.52 billion on servicing its loan obligations to commercial banks for the month of May 2022.

Domestic debt stock data from the Debt Management Office for Bayelsa as of March 31 stood at N151.41.

Mr Timipre Seipulo, Technical Adviser to Gov Douye Diri of Bayelsa stated this while giving an update of the state’s income and expenditure profile for the months of May and June in Yenagoa.

According to the financial highlights, the state generated some N1.68 billion from internal sources in addition to a gross inflow of N22.86 from the federation account to make a total of N22.91 billion for May 2022.

Of the amount, derivation revenue, a 13 per cent of value of crude oil produced within the state for May stood at N17.82 billion.

On the other hand, for non-oil revenue of N124.69 million accrued to the state for the month under review.

According to Seipulo, the state’s wage bill for civil servants and political appointees gulped a total of N6.2 billion.

For the month of June, Bayelsa got a total of N18.67 billion after deductions at source from the federation account.

Oil derivation accounted for N14.02 billion, while the internally generated revenue was N1.99 million.

The total wage bill for the month of June was N6.14 billion.

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