The Bayelsa Government plans to borrow N43.57 billion to augment the N310.7 billion proposed for the 2022 fiscal year as the state’s debt profile hits N169 billion.
The borrowing plan was contained in the 2022 Appropriation Bill of Bayelsa.
Findings indicate that the debt grew following the recent approval granted by the state house of Assembly to Gov Douye Diri to obtain an additional loan of N18.7 billion.
According to data obtained from the website of the Debt Management Office, Bayelsa’s debt profile as of June 2021 stood at over N150.60 billion, up from the N123 billion inherited on assumption of office in February 2020.
On October 20th, Diri presented the 2022 Appropriation Bill to the Bayelsa House of Assembly which subsequently sent it to its Committee on Appropriation for legislative action.
NAN learnt that the 2022 appropriation bill, currently under consideration by the Appropriation Committee of the house, puts the running cost of governance at N70.56 billion, some 22 per cent of the budget.
The state has set aside N61.75 billion for debt servicing and repayments.
Diri, in a letter to the assembly seeking the legislators’ consent for the borrowing plan, explained that the N18.7 billion loan “is a Federal Government bridging facility to cushion the effect of repayment of intervention facilities by the state government.”
The governor said the loan has a 30-year tenure and will enable the state government to meet its financial obligations.
It will be recalled that on October 6th, the assembly approved Diri’s request to restructure existing loans obtained by the state government from commercial banks to free more resources for ongoing projects.
The approval 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 N18.7 billion is the fourth in the series of loans that the Diri administration has taken following the nod of the 24-member house to collect since it was inaugurated on February 14th, 2020.
Barely two weeks in office, in March 2020, the government took a loan of N2.9 billion to purchase cars for the governor and the deputy governor as well as for top government officials.
Also in November 2020, the government borrowed N17 billion from multiple sources and secured another N3.5 billion loan in December of the same year. (NAN)
Amos Dangut appointed new WAEC boss
Police accuse Kogi SDP candidate of undermining security
My husband not a magician – Oluremi Tinubu
Osun community gets electricity first time in 92 years
Islamic scholar demands end to ‘begging profession’ in Nigeria
Dozens injured as fire razes police complex in Egypt
Illuminati planted Cardi B in music industry – Kanye West
Football, paedophilia go hand in hand in Gabon, victims open up
VeryDarkBlackMan ‘doing the Lord’s work’, shakes skincare industry
Jenny’s Glow sues VeryDarkBlackMan, Meta, TikTok over ‘defamation’
Reactions as Nollywood star Moyo Lawal’s nude leaks
Portable: Queen Dami came to me for husband – Lege Miami
Why I’m still single, Skitmaker Ashmusy opens up
Tweeps react as key witness reportedly abandons Jenny’s Glow case
Blackmail: My sextape will soon be released, Carter Efe laments
Carter Efe looks, thinks like ‘mumu’ – VeryDarkBlackMan
VIDEO: Thugs invade Osun APC secretariat
VIDEO: Strayed cow goes berserk inside NYSC orientation camp in Ogun
VIDEO: Are black cats bad luck?
VIDEO: Does COVID-19 only affect rich people?
VIDEO: Will I remain single if someone sweeps over my feet with a broom?
VIDEO: Gani Adams rallies Benin Republic monarchs for Sunday Igboho
FIDIO: Ǹjẹ́ Gbogbo Akitiyan Ìjọba Láti Mú Ẹ̀yìn Olóyè Sunday Ìgbòho Balẹ̀ Yìí Tọ́ Àbí Kò Tọ́?
VIDEO: Pastor Tunde Bakare declares National Movement
News19 hours ago
Suicide bomber strikes Turkish govt buildings
Sports19 hours ago
Osimhen expresses love for Napoli amid video controversy
Metro22 hours ago
20 killed in tanker explosion in Delta
News21 hours ago
Independence: Soludo renames Anambra cargo airport after Chinua Achebe
Entertainment16 hours ago
Ilebaye wins BbNaija All Stars 2023
News15 hours ago
BUA reduces cement price to N3,500 per bag
News19 hours ago
Deadly nightclub fire claims 13 lives in Spain
News19 hours ago
US court orders release of Tinubu’s academic records to Atiku