The Bayelsa State Government has confirmed the receipt of a N3 billion flood prevention fund disbursed by the Federal Government in August to support flood-prone states.
Timiore Seipolou, Technical Adviser on Treasury and Accounts to the Bayelsa Governor disclosed this during a revenue profile briefing for August and September held in Yenagoa.
The funds are aimed at bolstering the state's preparedness and response measures to mitigate the impact of flooding, which has been a recurring challenge in the region.
Recall that Bayelsa is listed among the 21 states at risk of flooding by the National Emergency Management Agency’s 2024 Flood Alert.
Highlights of the revenue figures showed that in August, Bayelsa earned more from the exchange rate differential– the gains accruing due to sliding value or the naira in dollar-denominated oil proceeds–than actual proceeds from oil.
While Bayelsa’s oil derivation revenue was N 8.69 billion, 31 percent; the state got N22.99 billion from exchange rate gains representing 46 percent of the state’s revenue for August.
According to Seipolou, statutory revenue from the Federation Accounts for the month under review stands at N 792.89 million