Thursday, 30 May 2019

BAYELSA ACCUSES FG OF MANIPULATING EXCESS CRUDE ACCOUNT


YENAGOA— BAYELSA State Government has declared a N1.88 billion deficit for April, 2018, saying its earnings from the Federation Account Allocation Committee had declined steadily in the past four months.
The Deputy Governor, Rear Admiral Gboribiogha John-Jonah (retd) disclosed this on Tuesday at the monthly transparency briefing in Yenagoa.

Giving the state income and expenditure accounts for April, John-Jonah said Bayelsa statutory receipts had dropped from N13 billion in February to N11 billion in May this year.
He attributed the dwindling revenue situation to manipulation of the Excess Crude Account by the Federal Government, noting that the parameters used in the distribution of funds are not in the interest of the Niger Delta states.

His words, “As at the last report, the Excess Crude Account at the national level is almost empty. It’s about N130 million from billions of naira we had in that account. At the time the Excess Crude Account Loan Facility was discussed at the National Economic Council, our state position was that we didn’t need any loan because excess account was there.

If you look at the papers, the money distributed this month was more than last month. But we got less. When you talk about the factors that they use, the only one that favoured us is the 13 per cent derivation.

“But when this government came, they have a way of adjusting a few things. So, you always see that once the Excess Crude is manipulated, our allocation comes down automatically.

“We are the most advantaged as far as other variables such as number of local governments, land area, and population are concerned. That is why you see our allocation coming down even when the amount being distributed at the centre is increasing.”

According to him, the state gross inflow from FAAC was N12.7 billion compared to the N13.2bn  it received in March, 2019 which represents a difference of N549 million. He announced April statutory allocation as N2.4bn, representing a decline of N1.2bb,  derivation N7.2bn , Value Added Tax N795.5million and Forex equalization fund N1.6bn, representing a positive difference of N1.7million.

He said firstline FAAC deductions amounted to N1.55bn, including bond of N421m, restructured repayment of previous overpayments to the state N127m, restructured commercial bank loans N741million and Excess Crude Account loan facility of N126million.


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