This is according to a statement issued in Yenagoa on Tuesday by Mr Iworiso Markson, the Chief Press Secretary to Governor Seriake Dickson.
In the statement, Markson said the resolution to call off the strike was reached after exhaustive deliberations between the state government, local governments and executives of the NUT in Yenagoa.
Secretary of NUT in the state, Mr Johnson Hector, confirmed the development.
Hector told said that the N300m was to augment payment of primary school teachers in eight local government areas in the state.
Hector said the money was, however, only for February 2017 salary.
Bayelsa government owes primary school teachers across the eight local government areas six months salaries.
The secretary said the decision of the union to suspend the strike was for the interest of pupils in schools.
“The resolution to call-off the strike was reached after exhaustive deliberations between the local governments and executives of the NUT in Yenagoa.
“The agreement was between the chairmen of five local governments, including the vice-chairman of the Association of Local Governments of Nigeria in the state, Mr Kuroghofa Benwari and its Secretary, Mr Ebiango Egain”, he said.