The Bayelsa State Government has received a total of N137.44bn from federal receipts and other sources of revenue as of July 2021.
The figure is the state’s actual receipts as against the half-year projected revenue of N164.52bn in the state’s N329.029bn budget for the 2021 fiscal year, indicating a shortfall of N27.07bn.
The State Governor, Douye Diri, stated this while appraising the performance of the 2021 budget during the presentation of the 2022 Appropriation Bill of N310.717bn to the state House of Assembly for consideration and passage.
The N137.44bn was made up of opening balance (N10.78bn), statutory allocation (N24.04bn), 13 per cent derivation (N54. 21bn), VAT (N10.25bn), excess crude (N7.79bn), capital receipts (N15.42bn), internally generated revenue (N6.56bn) and other sources (N8.4bn) as of July, 2021.
However, the half-year projected revenue of N164.52bn included, opening balance (N10.78bn), statutory allocation (N20.35bn), 13 per cent derivation (N51bn), VAT (N7.5bn), excess crude (N28.36bn) capital receipts (N15.36bn), internally generated revenue (N12.50bn) and other sources (N8.40bn).
The 2021 budget was based on a benchmark oil price of $38 per barrel, oil production capacity of 1.8 million barrels per day and exchange rate of N379 to $1.
Diri said there were revenue shortages from the federal and other projected sources due to drop in oil prices.
He stated that several difficulties had constrained the implementation of the current year 2021 budget, but his administration had been able to realise major achievements and implemented cardinal programmes and projects that formed the bedrock of the budget.
The governor said, “In summary, the half-year projected revenue was N164.52bn. However, the actual revenue at this time (as of July) was N137.45bn, which is a shortfall of 16 per cent.”