Project Completion:Bayelsa Assembly Approves N40b loan Renegotiation Request

The Bayelsa State House of Assembly has approved the request by the State Governor, Hon. Seriake Dickson for the power to renegotiate existing loans secured by the State Government from commercial banks to allow for funding to complete ongoing projects in the State.

According to Governor Seriake Dickson request, in a letter dated 30th of October,2017 and read on the floor of the House, the approval sought is to consolidate and renegotiate a N40billion existing loans under the Contractor Infrastructure Development Scheme.

The proposed renegotiated N40billion laon, acc‎ording to the State Governor, would be restructured into 42 months repayment plan with the State Government standing as guarantor based on a standing order on the Federation Account Allocation Committee (FAAC). For repayment.

At an emergency sitting held Thursday in Yenagoa during a state Public Holiday known as “Thanks Giving ‎Day”, the members of the State House of Assembly led by the Speaker, Hon. Kombowei Benson agreed that the request of the State Governor is necessary and in order.

The Leader of the State House of Assembly, Hon. Peter Akpe, who moved the motion for the approval of Gov. Dickson’s request, explained that the request is explicit and has the interest of Bayelsa people at heart, ” the request is to consolidate and restructure existing state loan facilities and to reduce pressure on the State resources and deductions”

Hon. Akpe noted that such loans like the N3billion Car loans for State Assembly members, ‎the State Cargoe Airport project loan, among others,” the approval is needed to create space for fund so that the state can quickly complete projects such as the Isaac Boro road, the Yenagoa-Oporoma road project and the Igbogene -Bayelsa Palm road.”

“We all know that the tenure of the present administration is coming to an end in 30 months.‎ And these projects need to be completed to prevent loss of time and waste project purpose.. When the space for the funds are opened, the contractors will secure loans with the Bayelsa Govt standing as guarantors.”

He stated that the decision was to hand the direct sourcing of funds to the contractors ‎and allow direct deployment of funds to the completion of projects.

Other State Assembly Members including Hon. Tonye Isena (KOLGA 1),Hon. Monday Oboro (Southern Ijaw 2), Hon. Gabriel Ogbara (Ogbia 3), Hon. ‎Watson Belemote (Brass 2) voted for the approval and prayed that ongoing projects in their constituency be completed.

The Speaker of the State House of Assembly, Hon. Kombowei Benson,while affirming the position of the House on the Governor Dickson’s request, said the approval will allow project completion for the benefit of all areas of the State.,” we are all clamouring for laudable projects in the state.”