Bayelsa State Government has described as incorrect Federal Government’s categorisation of the state as insolvent due to its low internally generated revenue profile.
This followed a recent report from the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, Elias Mbam, listing Bayelsa among states that are insolvent as a result of their “extremely poor IGR” performance in 2019.
Technical Adviser to the Bayelsa State Governor on Treasury, Accounts and Revenue, Timipre Seipulou cleared the air while presenting the income and expenditure profile of the state for the months of v, June and July 2020.
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He expressed regret that Bayelsa with its vast deposits of oil and gas does not benefit from taxes and other revenues accruing from such resources to shore up its internally generated revenue based on the lopsided federal system the country operates.
(Editor: Nkoli Omhoudu)
