The Bayelsa Government said it grew its monthly Internally Generated Revenue (IGR) from N4 million in 2012 to N1.3 billion in 2017.
Mr Timpre Seipolu, the Special Adviser to Gov Seriake Dickson on Treasure, Revenue and Accounts, disclosed this at an inter-ministerial briefing in Yenagoa on Friday.
The briefing was part of activities marking the 6th anniversary of the Dickson administration which will be celebrated on February 14.
Seipolu attributed the growth of the IGR to reforms at Bayelsa Board of Internal Revenue that outlawed the collection of cash and blocked leakages.
He lauded the efforts of Dr Nimibofa Ayawei, the Executive Chairman of the Internal Revenue Board, in driving the reforms that resulted in the growth of the IGR.
Seipolu said that the drop in crude oil revenue necessitated a diversification of revenue sources.
According to him, part of the state’s economic diversification strategy is to invest in profitable companies in the stock market.
On our diversification plans, we increased our equity in Linkage Assurance from 17 per cent to 53 per cent and that level of shareholding enabled us to get into the board of the company.
“So, Bayelsa currently has a strong presence in the management of the company and we are expecting bountiful returns from that investment,” Seipolu said.