Bayelsa Bemoans Drop In Federal Allocation
The Bayelsa State government on Monday lamented the decline in revenues accruing from the federation account while announcing its income and expenditure profile for the months of August, September and October 2020.
Presenting a breakdown of the figures in Yenagoa, the Commissioner for Finance, Mr. Maxwell Ebibai, disclosed that the state received a gross inflow of N12.8 billion for August.
He explained that the amount consists of statutory allocation of N3.14 billion, derivation N8.8 billion, VAT N1.97 billion, refund for Pay As You Earn (PAYE) N636 million.
Mr Ebibai also noted that deductions from the Federation Allocation Accounts Committee (FAAC) was N1.007 comprising foreign loans to the state while federal government recovery was N42.171 million, restructured commercial loan...