The Bayelsa State Government on Monday announced a balance of N112.2 billion for July ending but stressed the money is locked down for big signature projects.
Addressing journalists at the Transparency Briefing for May, June and July, the Technical Adviser on Treasury and Finance, Timipre Seipulo, listed some projects for which the money is dedicated.
Seipulo mentioned the ongoing Nembe/Brass, Yenagoa/Oporoma, Akaba/Okodi and Glory Drive III roads, New Yenagoa City project, New House of Assembly Quarters and New Commissioners Quarters as some of the key projects of the Prosperity Government.
Despite the huge funds in the state coffers, he stated that it is as if the state has nothing due to the huge financial demands of the projects.
According to figures announced during the briefing, the total funds that came into the state for the three months was N170.5 billion and when N81.1 billion, the balance brought forward from April, was added, it rose to N251.6 billion.
Total expenditure including FAAC deductions, salaries and bank charges for the three months stood at N139.4 billion marking the first time in its history that Bayelsa State had such huge funds in its coffers.
His said, “We also note that most of these funds are actually committed to long-term major capital projects such as the deep pocket projects like the roads.
“Most of them are committed to these projects to see that government completes all those projects that have commenced as much as possible before the end of this administration.”
Earlier, the state Commissioner for Information, Orientation and Strategy, Ebiowou Koku-Obiyai, who was attending for the first time in her position, thanked the media for its efforts in reporting government policies and programmes.
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