Bayelsa spends N3.5 billion in May to pay off debt to banks

The Bayelsa state government said on Friday that it spent 3.52 billion naira servicing its credit obligations with commercial banks during the month of May. the Nigerian News Agency (NAN) reported that the data on the internal debt balance of the Bayelsa Debt Management Office as of March 31 amounted to N151.410 million. Timipre Seipulo, technical adviser for Governor Douye Diri’s affairs in the state of Bayelsa, stated this when providing an update on the income and expenditure profile of the state for the months of May and June in Yenagoa. According to financial highlights, the state generated some 1.68 billion Naira from domestic sources, plus a gross inflow of 22.86 billion Naira from the federation account to make a total of 22.91 billion Naira in May. Of the amount, the bypass revenue, 13 percent of the value of crude oil produced in the state for May stood at N17.82 billion. On the other hand, non-oil revenue of N124.69 million was accrued for the state during the month under review. According to Mr. Seipulo, the state salary bill for civil servants and political appointees amounted to 6.2 billion naira. For the month of June, Bayelsa obtained 18.67 billion naira after deductions at source from the federation’s account. Oil bypass accounted for N14.02 billion, while internally generated revenue was N1.99 million. The total wage bill for the month of June was N6,140 million. (YAYA) Read More Related News Here Let here it in the comment below if you do have an opinion on this; Bayelsa spends N3.5 billion in May to pay off debt to banks