The Governor of Bayelsa State, Senator Douye Diri, has said that the State received N27 billion as against the speculated N38 billion refund for monies spent on federal projects in the state.
The Technical Adviser to the Governor on Treasury and Accounts, Mr. Timipre Seipulo, made the comment while representing the Governor at the November Transparency Briefing on Friday in Yenagoa.
Seipulo said that the Federal Government structured the refund process to cover a period of four to five years as a condition for the affected states to access the full refund.
He added that the Federal Government gave a condition to states willing to receive their their money at once to get a discounted figure which Bayelsa accepted.
He said that the state got N27 billion discounted amount from the N38 billion the state was supposed to get in a spread of five years.
Investigation revealed that the state got N27 billion in January 2021 at nine percent discounted which the Central Bank of Nigeria gave.