Diri Administration Declares ₦56.8bn Q1 Closing Balance, Completes Bank Loan Repayment By Chris Mark
Diri Administration Declares ₦56.8bn Q1 Closing Balance, Completes Bank Loan Repayment
By Chris Mark
The Bayelsa State Government has released its financial performance for the first quarter of 2026, detailing revenue, expenditures, and ongoing infrastructure projects to promote transparency.
The disclosure was made during a media briefing in Yenagoa, where the Commissioner for Information, Orientation and Strategy, Ebiuwou Koku-Obiyai, outlined the administration’s transparency framework, while the Special Adviser to the Governor on Treasury and Accounts, Timipre Seipulo, presented the financial figures.
The Accountant-General, Tokoni Ifidi, was also at the briefing.
Koku-Obiyai said the disclosure of income and expenditure for January to March 2026 reflects prudent management of public resources under Governor Douye Diri.
Presenting the breakdown, Seipulo said gross receipts from the Federation Account in January stood at ₦36.91 billion, with a net inflow of ₦35.15 billion after deductions of ₦1.75 billion. In February, gross receipts rose to ₦40.04 billion, or ₦38.44 billion net after ₦1.59 billion deductions. March recorded ₦41.69 billion gross and ₦40 billion net after ₦1.61 billion deductions.
He added that other revenues from Internally Generated Revenue (IGR), investments, and ecological transfers contributed between ₦8.79 billion and ₦13.73 billion monthly.
On expenditure, Seipulo said January recorded total outflows of ₦20.29 billion, including about ₦12 billion for salaries and related costs. February outflows stood at ₦20.94 billion, while March rose to ₦30.34 billion due to higher salary obligations and loan repayments.
Salary arrears, pensions, and grants to tertiary institutions were consistently funded throughout the quarter, he said.
He further explained that despite monthly deficits, the state maintained fiscal stability by drawing from prior balances. January had a ₦27.34 billion deficit but closed with a balance of ₦60.87 billion after drawing from an opening balance of ₦88.20 billion. February posted a ₦1.82 billion deficit with a closing balance of ₦56 billion, while March ended with a ₦1.8 billion deficit and a balance of ₦56.82 billion.
Seipulo noted that derivation revenue was the largest contributor to the state’s income, followed by statutory allocations and Value Added Tax (VAT). IGR ranged from ₦2.53 billion to ₦3.47 billion monthly, while investment income contributed over ₦300 million monthly.
He also disclosed that deductions from federal allocations, including loan repayments and statutory recoveries, averaged about ₦1.5 billion monthly. He added that the state completed the final repayment of a long-standing commercial bank loan in March.
On infrastructure, Koku-Obiyai said the administration has prioritised completing legacy projects across the three senatorial districts.
She recalled that President Bola Ahmed Tinubu recently inaugurated key projects including the dualised New Yenagoa City Road linking the airport route, the Angiama-Oporoma Bridge, the Sagbama-Ekeremor Road, and a 60-megawatt gas turbine plant.
She added that former Vice President Yemi Osinbajo is expected to inaugurate additional projects such as the Agbura Oxbow Lake Road and a referral hospital in Oporoma.
Other ongoing projects, according to her, include a FIFA-standard stadium at Igbogene and a nine-storey secretariat complex.
Reiterating the administration’s commitment, the commissioner assured that no ongoing project would be abandoned, stressing that Governor Diri is determined to complete all projects within his tenure.
On power, she said steady progress is being made on the gas turbine project, noting it would become operational once all safety installations are completed.
“The government will not compromise safety for speed. We urge the public to remain patient as the project nears completion,” she said.
Koku-Obiyai called on residents to remain law-abiding and support government initiatives, adding that regular financial briefings would continue to strengthen transparency and public trust.
