The Bayelsa State government on Friday said it had not incurred any foreign loans to finance any development projects and programmes, since inauguration of the present administration of Henry Seriake Dickson in 2012.
The government attributed the decision to what it described as “prudent management of resources.”
The Deputy Governor of Bayelsa State, Rear Admiral Gboribiogha John Jonah (retd), stated this while presenting the financial statements of the state for the months of July and August, 2016, in Government House, Yenagoa.
The government, he said, had made attempts to secure a foreign loan to fund the Maritime Academy facility at Okpoama in Brass local Government Area, but failed to obtain it because the Federal Government could not guarantee the deal.
He explained that the deductions being made by the Federation Accounts Allocation Committee, FAAC, in respect of foreign loans incurred by previous administrations, but inherited by the present administration.
Giving the financial position for the month of August, Rear Admiral John Jonah announced a gross inflow of N8. 7 billion, comprising, derivation of N2.8 billion, statutory allocation N1.5 billion, budget support of N1.3 billion and exchange differential of N1.4 billion.
On FAAC deductions totaling N2.3 billion, he said bond gulped N1.2 billion, restructured commercial bank loan accounted for N741 million, commercial agriculture loan schemes One and Two amounting to about N161 million, Excess Crude Account loan N126 million and foreign loan N21 million.
The Deputy Governor noted that, the total funds available for spending comprising a net inflow of N6.7 billion and IGR of N560 million for the month of July stood at N7.02 billion.
Rear Admiral John Jonah, who declared a deficit balance of N1.9 billion, said N1.4 billion was spent on bank loans, civil servants’ salaries N2.1 billion, capital payment of N3.2 billion, recurrent payment N1.4 billion, while that of political appointees came up to N472 million, thereby bringing the total outflows to N8.9 billion.
The 13% derivation indices for the month of August was N1 billion less than the previous month which stood at N3 billion.
Earlier in his remarks, the Commissioner for Information and Orientation, Hon. Jonathan Obuebite reassured that, the government would continue to keep faith with the transparency initiative to promote good governance.
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