COVID-19: Bayelsa govt. expresses worries over decline in oil revenue
COVID-19: Bayelsa govt. expresses worries over decline in oil revenue
The Bayelsa State government has expressed concern over decline in revenue from the Federation Account, arising from the global COVID-19 crisis.
Mr Maxwell Ebibai, the Technical Adviser on Finance to the Governor, raised the alarm on Wednesday during the state’s monthly transparency briefing in Yenagoa.
Ebibai said that the COVID-19 challenge had posed a great threat, not only to the health of the citizens, but also to the global economy.
While noting that the Nigerian economy was largely dependent on proceeds from crude oil, he added that the development portended a grave danger to the country’s economy.
Ebibai solicited for the support and cooperation of the people and corporate organisations in the state to enable government shore up its internally-generated revenue.
Presenting the income and expenditure profile for the month of February, Ebibai said that concerning the inflows, the state received N13.4 billion from the federation account.
He said the figure comprised N2.8 billion statutory allocation, N9.4 billion derivation and N939 million Value Added Tax (VAT), among other components.
Ebibai also said that total deductions of N1.68 billion total deduction was made from the federation account, including foreign loans of about N37 million.
On expenditure side, Ebibai said total payments for the month of February amounted to N7.7 billion, including bank loans and guarantees of N1.7 billion.
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