Bayelsa Gov Gets Assembly's Approval To Borrow N17 Billion
B
ayelsa State governor,
Douye Diri, has inaugurated the Judicial Panel
of Inquiry on Police Brutality
and the Special Security and
Human Rights Committee.
Bayelsa State Governor
Douye Diri has secured the
approval of the Bayelsa House of Assembly to obtain
N17 billion loan from multiple
sources.
The approval followed a motion moved on Thursday by
the House Leader, Monday
Obolo, (Southern Ijaw Constituency 2) and seconded by
Charles Daniel, (Brass Constituency I).
Diri had in three separate letters dated Oct. 26 and Nov. 9,
addressed to the speaker, solicited the assembly's approval
for the loan.
He requested approval to access N4 billion for Sustainable
Development Goals (SDGs)
counterpart fund and N10 billion facility from the Central
Bank of Nigeria (CBN) for oil
palm project.
In another request, the governor sought approval for N3
billion loan - a revolving temporary credit facility, to fund
state financing gap.
"As part of this
administration's efforts to
cushion the effect of the global economic downturn occasioned by the COVID-19 pandemic and the dwindling oil
revenues, we seek to take advantage of intervention funds
from the Federal Government
through the Central Bank of
Nigeria and Sustainable Development Goals (SDGs)
programme.
"The facility from the Central
Bank of Nigeria will aid the
state government to develop
our oil palm potential, while
the Sustainable Development
Goals (SDGs) counterpart fund
is a pre-requisite for the state
to attract a matching grant under the SDGs,'' he said.
He explained that the N4 billion Sustainable Development
Goals (SDGs) counterpart fund
would be obtained from a commercial bank.
On the N3 billion loan, Diri
said, "Due to the global economic downturn and dwindling revenue, it has become
imperative to source for a revolving short-term credit finance line to fund gaps when
there is a short fall in monthly
revenue accruing to the state.
"This credit line will enable the
state government to respond
appropriately to critical
monthly financial obligations.
The standing instruction will
eliminate reoccurring documentation costs.
"The facility shall be for tenure of 12 months as temporary
overdraft with short-term clean
up circle.''
The assembly also approved
the governor's request to appoint additional 10 special advisers.
0 Comments
No Comment Posted