FG Donates N3bn Flood Prevention Fund to Bayelsa

Bayelsa State Government has received the sum of N3 billion from the Federal Government as its share of the flood preventing fund for flood prone states.
The Technical Adviser on Treasury and Accounts to Bayelsa Governor, Mr Timipre Seipolou, disclosed this while giving a breakdown of revenue profile of the state for August and September 2024.
Bayelsa was among the 21 states at risk of flooding by the National Emergency Management Agency’s 2024 Flood Alert.
The highlights of the revenue figures show that while Bayelsa’s oil derivation revenue for the month was N 8.69 billion, the state got N22.99 billion from exchange rate gains of the state’s revenue for August.
According to Seipolou, statutory revenue from the Federation Accounts for the month under review stood at N792.89 million and proceeds from Value Added Tax (VAT) was N5.72 billion.
The Technical Adviser noted that Bayelsa earned N2.46 billion from internal sources, while the gross revenue from the Federation Accounts Allocation Committee (FAAC) for August was N28.36 billion.
The figures indicate that the state spent a total of N6.56 billion on debt service obligations to commercial banks.
He explained that cumulative revenue including proceeds from signature bonuses, revenue from sundry income from oil production came to N90.89 billion for the month under review.
For the month of September, Seipolou noted the revenue for Bayelsa was N 847.67 million. The state also raked in N10.75 billion from exchange rate gains, while oil derivation revenue of N9.08 billion came to the coffers of the state. Proceeds from VAT was N5.58 billion while Internally Generated Revenue for September was N2.58 billion.