Bayelsa spends N3.52bn on debt service to commercial banks in May

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

Bayelsa state Governor, Douye Diri. [Twitter/@iamDouyeDiri]

Mr Timipre Seipulo, Technical Adviser to Governor Douye Diri of Bayelsa on Treasury Matters, 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 billion from the federation account to make a total of N22.91 billion for May.

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, 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 N6.2 billion.

For the month of June, Bayelsa got 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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