The Bayelsa State Government confirmed that as of October 2022, it will receive N90 billion from the Federal Government’s Excess Crude Account (ECA).
Seipulo stated that instead of being paid monthly as some quarters had speculated, the money was paid out of the Federation Account on a quarterly basis.
“As of right now, the fund has received a net of N90 billion through October.
Seipulo added that for the month of September 2022, the government received N2. 65 billion in internally generated revenue (IGR). According to him, the IGR for the previous month of August 2022 was N1.19 billion.