Oil Derivation: Bayelsa receives N31.84bn in May and June 2022

The Bayelsa State Government has announced that the state received the sum of N31.84billion from the derivation revenue of 13percent of the value of crude oil produced in the state in the months of May and June 2022.

While the Bayelsa state received N17.82billion from 13percent oil derivation in May 2022, the sum of N14.02billion was equally allocated to the state in June 2022 from 13 percent derivation.

Bayelsa State Governor Douye Diri’s Technical Adviser, Mr. Timipre Seipulo, disclosed these while giving an update of the state’s income and expenditure profile for the months of May and June in Yenagoa, on Friday.

Seipulo said while the state cumulatively got 22.86 billion from the federation account in May, it also receievd a total of N18.67 billion after deductions at source from the federation account in June 2022.

He explained that salaries and wages bill for civil servants and political appointees in the state gulped a total of N6.2 billion in May, while the total wage bill for the month of June was N6.14 billion.

On internally generated revenue, he said the state generated N1.68billion in May and N1.99billion in June.

“The state generated some N1.68 billion from internal sources in addition to a gross inflow of N22.86billion from the federation account, to make a total of N24.54 billion for May 2022.

“Of the amount, derivation revenue, a 13 per cent of value of crude oil produced within the state for May stood at N17.82 billion.

“On the other hand, for non-oil revenue of N124.69 million accrued to the state for the month of May.

“A total sum of N3.52 billion was spent on servicing its loan obligations to commercial banks for the month of May 2022.