Bayelsa Assembly approves Dickson’s request to restructure N40billion loan | Nigeria Newspaper- Nigeria News| Naija News

3.11.17

Bayelsa Assembly approves Dickson’s request to restructure N40billion loan

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Bayelsa Assembly approves Dickson’s request to restructure N40b loan

The Bayelsa State House of Assembly, on Thursday, approved the request of Governor Henry Seriake Dickson to restructure an existing N40 billion for infrastructural development in the state.
The lawmaker’s approval was sequel to a letter written by Dickson seeking the approval of the House to restructure the existing loan under the Contractor and Infrastructural Development Scheme (CIDS) based on prevailing financial situations of the state which has robbed it of the space to complete on-going projects.
Dickson request contained in a letter dated 30th of October, 2017 and read on the floor of the House, said the approval would enable his administration consolidate and renegotiate a N40billion existing loans under CIDS.
According to Dickson, the loan 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).
The Speaker, Hon Friday Konbowei Benson who summoned an emergency sitting to consider the request of Dickson impressed it on the lawmakers that the approval being sought was necessary because of the developmental vision the Dickson administration is implementing in the state.
The Leader of the State House of Assembly, Hon. Peter Akpe( Sagbama constituency 1) 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” he said
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) all voted for the approval and prayed that ongoing projects in their constituency be completed.

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