Imported User:
The Financial Management Committee set up by the Bayelsa State Government and headed by the former Presidential Adviser, Mr. Timi Alaibe, to audit the account of the state under the administration of Chief Timipre Sylva yesterday submitted its report with a gory detail of misappropriation of state funds, diversion of contract sums and accumulation of internal and external debts profile to the tune of N207 billion. According to the summary of the report as presented to the State Governor, Hon. Seriake Dickson, though the assets and liabilities of the state with a cash balance at the treasury as at February 14 was N4551, the committee discovered an era of loans and debts with commercial loans during the period under review at N28.9bn and the state government debt development bond at N47.2billion. The committee stated that the Sylva government incurred an overdraft of N3.2bn, total domestic debt of N71.2bn, the total ISPO of N5.73bn, external debt and multilateral club principal outstanding of N4.219bn,contract liabilities current and contingent of N125bn, judgement debt of N1.9billion,debt to lawyers on the state bill is N2billion. The total liabilities stand at N207.2billion. Presenting the report at the State Government House, Alaibe noted that state's dependence on the federation account for 97 per cent of its revenue portended grave danger for the state as a financial crisis at the centre could immediately translate to a shutdown of the government at the state level.
