By Samuel Oyadongha
Yenagoa—Bayelsa State Government, yesterday, said it would complete the repayment of the N50 billion bond loan inherited from the previous administration in 2019, following the successful renegotiation of the facility.
The state deputy governor, Rear Admiral Gboribiogha Jonah (retd), stated this at the monthly transparency briefing for the month of January, 2017 in Yenagoa.
He said that based on the restructuring, the amount paid monthly had been reduced from N1.24 billion to N422 million, in view of the economic downturn.
He also announced that the state government had concluded payment on scheme 1 of the Commercial Agricultural loan, while it paid the usual N66.7 million for scheme 2.
Speaking on the Federation Accounts Allocation Committee deductions, he explained that N1.4 billion was the total amount deducted from source, which include excess crude account facility of N127 million, restructured commercial bank loans of N741 million and foreign loans of N30 million.
Announcing N7.8 billion as net inflow from FAAC, he said that the state government received internally generated revenue of N863 million for the month of December, 2016.
According to him, total funds available for spending in January amounted to N11.7 billion due to the N3 billion the state government secured from a financial institution as lease for the purchase of vehicles for state legislators and the security outfit.