1 February 2013

Nigeria: Oil Wells - Bayelsa to Earn N100 Billion Extra in 2013

Yenagoa — Bayelsa State is to earn a total of N100 billion from other states this year, being money accruing from her oil wells which had been paid to other states in the last 16 years.

State commissioner for finance Duate Iyabi who disclosed this in Yenagoa while briefing journalists on the activities of his ministry in the last one year as part of the programme to mark the one year anniversary of Governor Dickson administration, said the state also refunded N7.4 billion to other states in the last one year.

He said the state also recovered N18.6 billion from FAAC and other federal government agencies, a shortfall from the state's derivation fund during the period under review.

The commissioner said the state government expended N0.5 billion to resettle victims of the recent flooding in the in the state, while the balance of N1 billion which is part of the N 1.5 billion approved for the exercise by the state house of assembly was deposited in the Bank of Industry to be expended in the post flooding activities.

He said the state government made an expenditure of N 104 billion on capital projects, while personnel and overhead costs gulped N 34.3 billion and 46.8 billion respectively.

He said to check fraud and sharp practices within the government circles, the government completed 70 percent automation of its finance system, assuring that by March this year, the automation would be achieved 100 percent, saying the exercise so far gulped N1.2 billion

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