The Bayelsa state government said it received the sum of N90 billion from the federal government’s Excess Crude Account (ECA) from October 2022.
This was revealed by the Technical Advisor to the Governor of Bayelsa in Treasury and Accounts, Mr. Timipre Seipulo, during an announcement of income and expenses for September and October 2022 in Yenagoa.
More details: The ECA is used to save excess oil revenue from the Federal Government’s crude oil budget benchmark. Nairametrics understands that funds are paid quarterly from the Federation Account to the oil producing states.
Monthly receipts: Seipulo revealed that the net receipt of N20.24 billion for September 2022 was accrued to the state government from the Federation Account Allocation Committee (FAAC), while the total deductions from FAAC amounted to N1.59 billion.
It also announced a net receipt of N27.56 billion for October 2022 and N1.6 billion as total FAAC deductions.
Regarding the total funds received through October, he said:
- “For this month, what is received from that account is N13.8 billion, but as they said before, ‘the repayment that a lot of people have talked about’ is not a monthly payment, it is a quarterly payment and it is paid over 36 months. . .
- “As of now, the net received from the fund so far is N90 billion till October. And, if you look at the major projects that we’ve also done, we’ve done quite a few big projects that we’re using the funds on and the major ones, for example, the Yenagoa-Oporoma highway, which the state has spent over N12 billion on.” , Seipulo. explained.
The state added that they have shelled out more than N100 billion to contractors for infrastructure projects.
IGR of the State of Bayelsa: On the internally generated revenue of the state, Seipulo noted that the state earned the sum of N2.65 billion in September.
- “Our IGR for September 2022 was N2.651bn. You see, that’s way beyond what we normally have.
- “The increase arose because there was a receipt of N1.1 billion IGR, and there was also about N1.5 billion that was obtained from federal agencies and that money was the part that was owed to the state of Bayelsa.
- “So those two amounts represented the IGR fund of N2.651 billion for that month (of September),” he said.
What you should know: Nairametry reported earlier this month that President Muhammadu Buhari had approved a total payment of N1.7 trillion to 9 oil-producing states as a 13% oil diversion subsidy and SURE-P refunds owed to them by the federal government.
- Subsequently, these 9 states were paid N625.43 billion as a 13% bypass fund, subsidy and SURE-P refunds from the federation account in the last 2 years.
- Among the states that have received the rebates from 1999 to 2021 are Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers.