Bayelsa earmarks N24bn to CoT, VAT deductions, bank charges in 2017 budget


The Bayelsa Government has earmarked N24 billion for Commissions on Turnover (CoT), bank charges, VAT deductions and financial consultancy services in the 2017 fiscal year.

This is contained in the state’s 2017 appropriation estimates of N243.2 billion signed into law on Saturday by Gov. Seriake Dickson of Bayelsa.

A statement issued on Tuesday by Mr Daniel Iworiso-Markson, the Chief Press Secretary (CPS) to Dickson, quoted the governor as christening the document as, “Budget of repositioning for Consolidation.”

According to Dickson, the government appropriated N111 billion out of the budget for the completion of its various ongoing capital projects.

The governor advised the state ministries, departments and agencies to ensure a strict implementation of the budget.

He also tasked officials to evolve a process that would hasten awards of contracts, stressing that his administration was committed to completing most of the projects and programmes this year.

Dickson said that the recurrent expenditure comprising salaries, pensions, gratuities and overheads would gulp the balance of the budget estimate.

The governor assured the state that the government would strictly implement the budget and reiterated its commitment to offsetting the back log of six months’ salary arrears owed its workers.

On the Educational Development Trust Fund, Dickson explained that, certain aspects of the law needed to be amended.

According to him, these will include: the elevation of the position of the secretary of the board to that of a director in the public service.

According to him, the secretary is expected to provide international liaison with the board as well as incorporate representatives of the organised labour to the board.

The budget breakdown also indicated that the total personnel expenditure, including gratuities and pensions, amounted to N52.5 billion while N40.8 billion would be spent on overhead costs.