Skip to main content

Bayelsa revenue drops

Governor Seriake Dickson of Bayelsa State

Governor Seriake Dickson
of Bayelsa State

The derivation revenue accrued to Bayelsa government witnessed a sharp drop from N3 billion in July 2016 to N1 billion in August 2016.

According to a statement by the state government on Saturday, the attacks by militants in May and June reduced production by oilfields in the state as Shell and Agip shut down crude production and export.

Niger Delta Avengers had on May 28 and May 29 blown up the Nembe Creek Trunk line and the Brass Terminal crude line, which conveyed the crude produced by Shell and Agip.

“The attack which had grounded oil export from the state was responsible for the revenue drop as the derivation principle is proportionate to the volume of oil produced from the states with oil deposit,” the statement said.

The derivation revenue, which is 13 percent of crude sales from the state for the month of August was N1 billion less, while proceeds from July stood at N3 billion.

NAN reports that the August oil revenue disbursed at the last Federation Account Allocation Committee (FAAC) was for crude oil sales proceeds for May 2016 oil production.

Retired Rear Adm. John Jonah, the Deputy Governor of Bayelsa, had on Friday presented the financial status of the state to newsmen at the Government House, Yenagoa.

He declared a deficit balance of N1.9 billion, saying that N1.4 billion was spent on bank loans; civil servants’ salaries N2.1 billion; capital payments of N3.2 billion and recurrent payments of N1.4 billion.

The deputy governor said that payment of political appointees gulp up to N472million, thereby bringing the total outflows to N8.9 billion.

Jonah announced a gross inflow of N8.7 billion.

Labels:

Comments

Post a Comment

Popular posts from this blog

Houthis Claim Attack on Central Israel in Response to Gaza ‘Massacres’

The ongoing conflict between Israel and Hamas has taken a concerning regional turn as the Houthi rebels in Yemen claimed responsibility for an attack on central Israel. The group announced this as part of their escalating response to what they describe as "massacres" in Gaza amid the Israeli military’s operations in the strip. Details of the Attack The Houthis, a Shiite militant group with ties to Iran, declared that they launched missile and drone strikes targeting Israel. While the exact impact of these attacks remains unclear, reports suggest that Israel’s defense systems intercepted several threats over its airspace. This marks a significant escalation as the Houthis widen their involvement in the conflict beyond their typical operations within Yemen and neighboring Saudi Arabia. The Houthis’ Justification In their statement, the Houthis framed the attack as retaliation for Israel’s military actions in Gaza, which they characterized as indiscriminate bombings resultin...
Post a Comment
Read more

Fall of Assad is a Blow to Russia's Prestige

The potential fall of Syrian President Bashar al-Assad, a long-standing ally of Russia, would mark a turning point in Moscow’s global influence, particularly in the Middle East. Steve Rosenberg’s analysis underscores the profound implications for Russia, which has invested heavily—both militarily and politically—in ensuring Assad’s survival over the past decade. This article delves into why Assad’s downfall would strike at the core of Russian prestige and what it could mean for the broader geopolitical landscape. Russia's Strategic Commitment to Syria Since the outbreak of the Syrian civil war in 2011, Russia has been a staunch supporter of Assad's regime. In 2015, Moscow launched a military intervention that proved decisive in stabilizing Assad’s hold on power. This intervention solidified Russia's role as a key power broker in the Middle East and demonstrated its willingness to project military power far beyond its borders. Syria is not just an ally for Russia; it is a...
Post a Comment
Read more

Fire: UniJos Senate convenes emergency meeting on Monday

Fire at the University of Jos Library University of Jos is to convene an emergency senate meeting on Monday to review the level of damage done to the institution by the Saturday night inferno. The Vice Chancellor, Prof. Sebastian Maimako, disclosed this on Sunday after inspecting areas affected by the incident. The fire, which lasted for more than six hours, destroyed the Library Complex that equally houses the faculties of management and social sciences. The fire also destroyed examination scripts, books and very crucial materials. Consequently, the vice-chancellor said “the Senate will meet tomorrow (Monday) to take a decision about the unmarked examination scripts that were burnt.” On the cause of the inferno, Maimako said investigation had commenced, adding that “nothing has been confirmed yet. We are still investigating.” The vice chancellor said the school was already working with federal authorities toward establishing a main fire station since the mini fire station in t...
Post a Comment
Read more