Bayelsa spent N123bn on debt servicing – Govt

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Bayelsa State government said it had spent about N123 billion between 2012 till date on servicing of debts, including bonds and foreign loans obtained by the previous administration, Deputy Governor Gboribiogha John Jonah has said.
He also lamented the huge financial burden which the Governor Henry Seriake Dickson administration has been facing amidst the prevailing economic challenges.
Jonah stated this on Tuesday during the monthly transparency briefing held in Government House, Yenagoa.
According to him, the state government has paid a total of N62 billion on bonds obtained by the immediate past administration while over N61 billion has so far been deducted at source by the Federation Accounts Allocation Committee, FAAC, for loans and over-payments to the previous administration.
Giving further clarification on the N50 billion bond, he explained that the total value of the bond was N104 billion, which was expected to be paid off in June 2017.
The deputy governor also spoke on the income and expenditure for the month of March 2016, and announced a gross inflow of N5.5 billion, which comprises statutory allocation of N1.5 billion, derivation (N3.4 billion), Value Added Tax (N550.7 million) and exchange differential (N78 million).
Speaking on deductions, he stressed that N1.2 billion went for bond payment while comprehensive reconciliation of over-payment made to the state between November 2006 and June 2010, the third out of 28 instalments, was N392.8 million.
Also, refund on over-payment of 13 percent derivation indices from August 2008 to 2009, the third out of 22 instalments, amounted to N187.8 million.
Jonah also stated that N741 million went for the federal government’s restructured bank loans, over-payment from Excess Crude Account accounted for N253 million as well as about N168.2million on the servicing of commercial agricultural loans’ schemes one and two.
Other deductions include refund of over-payments on E.A Oil Field from November 2006 to June 2010, the …Read More

Source:: Nigerian Pilot