APC’s N7bn VAT Refund Claim Mischievous, Says Bayelsa Govt
The Bayelsa State Government has described the All Progressives Congress’ (APC) claim of a N7 billion Value Added Tax (VAT) refund to the state as mischievous.
The Special Adviser to the governor on Treasury, Accounts and Revenue, Mr Timipre Seipulo made the clarification while presenting the revenue and expenditure profile of the state for the month of September, 2019.
Yekini Nabena, the APC Deputy National Spokesman had called on the Federal Government and the Ministry of Finance not release the fund till the November 16 Bayelsa State governorship election is over.
Responding to a question during the monthly statutory Transparency and Accountability briefing, Seipulo said that contrary to media reports, the yet to be released VAT refund was in the region of N4 billion and not N7 billion, noting that the process of releasing the money was still in the works.
He said, “On the N7 billion VAT refund, actually there is a VAT refund the state is pursuing and it is not as much as that.
“Somebody mentioned N7 billion. We are not expecting N7 billion , we are believing it should not be less than N4 billion, by the time the money drops and the transfers are made.
“However, it doesn’t come around this period and that is why it is not within this report and as usual what the state does when such money comes in, definitely, will be reported accordingly in the (next) transparency briefing.
“The actual money that will drop was not shown because we make a presentation once every month to the CBN. At the end of the day, the money transferred to us will be less charges.
“We will report what actually will came to the state on VAT when the money is received,” he said.
The Commissioner for Information and Orientation, Mr. Daniel Iworiso-Markson also remarked that the forthcoming governorship election in the state, was about the future of the state
He urged all well-meaning people of the state to vote the PDP standard-bearer, Senator Douye Diri, to sustain the development agenda of the government.
He cited the Bayelsa International Airport, Agge Deep Seaport, three Senatorial roads, Health Insurance Scheme, model and boarding schools as achievements of the PDP and urged the electorate to vote wisely.
Earlier, presenting the revenue from the Federal Accounts Allocation Committee (FAAC), for the month of September, Mr. Seipulo said the total inflow stood at N14.2 billion.
He noted that the amount consisted of statutory allocation of N3.4 billion, derivation N8.87 billion, VAT N774 million, foreign exchange equalization N579 million among other components.
Mr Seipulo also announced N1.3 billion as total deductions from the federation account, comprising refund of budget support of N225.2 million and foreign loans to state, federal government recovery N37 million.
He said other deductions include, restructured commercial bank loans of N741 million, Excess Crude Account loan facility to states N126 million and refunds from overpayment of revised 13% derivation indices of N128 million.