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Femi Folaranmi, Yenagoa
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 by the House Leader, Monday Obolo, (Southern Ijaw Constituency 2) and seconded by Charles Daniel, (Brass Constituency I), yesterday.
Diri had in three separate letters dated October 26 and November 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.
Said Diri: “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.
