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Home Business News Business

FG refunds Bayelsa State N27 billion as amount spent on federal projects

William Ukpe by William Ukpe
January 25, 2021
in Business, Spotlight
FG refunds Bayelsa State N27 billion as amount spent on federal projects
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The Federal Government has refunded N27 billion to Bayelsa State as the money the State government spent on federal projects since 2005 to date.

This was disclosed by the Bayelsa State government on Sunday, as it said the amount is not up to the N38 billion approved by the FG as refunds for federal road projects.

READ: Adamawa Governor signs 2021 Appropriation Bill worth N140 billion into law

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State Governor, Douye Diri said that the state only received an N27 billion cash refund, meanwhile, the Technical Adviser on Treasury and Accounts to the governor, Timipre Seipulo, disclosed that the debt instrument issued by the federal government had a tenor of between four to five years maturity.

Seipulo added that the refund was implemented such that the states would wait between four to five years to access the full amount approved by the FG, therefore States could only get discounted refunds from the FG.

He added that the N27 billion amount was discounted 71% from the total N38 billion expected value.

READ: Governor Sanwo-Olu says 24,000 students yet to resume in public schools

What you should know

Nairametrics reported in November 2020, that Promissory notes worth N148.141billion were approved by the Senate as a refund to Bayelsa, Cross River, Ondo, Osun, and the Rivers States for projects executed on behalf of the Federal Government.

The amount due to the five states was N148.14billion and broken down as follows:

  • Bayelsa was allotted N38.40billion
  • Cross River was allotted N18.39billion
  • Ondo was allotted N7.82billion
  • Osun was allotted N4.57billion
  • Rivers was allotted N78.95billion

READ: Lagos State already making contacts with vaccine manufacturers – Sanwo-Olu

Nairametrics also reported that the Governor of Rivers State, Nyesom Wike, stated that the Federal Government refunded the South-South State the sum of N78 billion, representing the amount spent on federal roads by the state.


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Tags: Bayelsa StateDouye DiriNigeria News
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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