Bayelsa’s debt hits N169bn as Diri gets nod for fresh N18.7bnloan
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The Bayelsa State House of Assembly has approved another request by Governor Douye Diri for his administration to obtain a loan of N18.7bn.
The 24-member House granted the governor’s request during plenary presided over by the Speaker, Abraham Ingobere, in Yenagoa on Wednesday.
Diri, who sought the legislators’ approval through a letter, explained that the N18.7bn loan “is a Federal Government bridging facility to cushion the effect of repayment of intervention facilities by the state government.”
The governor said the facility would run for 30 years and enable the state government to meet its financial obligations.
On October 6, 2021, the assembly okayed Diri’s request to renegotiate and restructure existing loans the state government obtained from commercial banks.
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It was the second time in 16 months that the assembly would grant Diri’s request to renegotiate and restructure outstanding commercial bank loans following a similar approval in June 2020.
The N18.7bn is the fourth set of loans that the Diri administration has secured the assembly’s nod to collect since it was inaugurated on February 14, 2020.
