From Femi Folaranmi, Yenagoa
The Bayelsa State House of Assembly has approved the N30 Billion naira loan request by Governor Douye Diri.
The House of Assembly on Wednesday gave express approval for the loan during the plenary session after the clerk read the letter urging the lawmakers to fast-track on-going projects in the state.
The money is to be sourced through commercial banks or bonds through capital markets is would be paid back
The governor’s letter stated that the money will be used for the ongoing three senatorial roads, the outer ring road, AIT/ Igbogene road and other major projects in the state.
It also stated that part of the loan will also be used to kick start the Nembe/Brass road which has been on the drawing board for many decades.
The Leader of the House Hon. Monday Bubou Obolo, representing Southern Ijaw constituency 1 while speaking in favour of the loan said everybody in the state is aware of the number of projects that are ongoing by the current administration noting that it will be ideal if the house approves the loan so that development can get to the hinterlands.
Obolo was supported by other lawmakers as they unanimously spoke in favour of the loan and expressed readiness to give it express approval to help fast track development in the state which is in dire need of urgent development.
The speaker of the House, Rt. Hon. Abraham Ingobere noted that the loan is for the development of the state which cuts across the three senatorial districts.
According to him Governor Diri is a prudent man who has judiciously used the state resources well stressing that he has no doubt on the money being judiciously used for the purpose which it was obtained.
“For Bayelsa state to be economically viable, we must take roads to the hinterlands and make sure the roads hit the sea. The money if collected will not affect federal allocation into the state.
“Workers salary will not be affected, pensioners will get what is due them at the end of the month. Nobody’s salary will be affected hence we will support the loan and throw our weight behind the governor”.
The money is to be sourced from commercial banks or bonds through capital markets and is expected to be paid back overtime through deductions by the Nigerian National Petroleum Company as part of thirteen percent derivation.