Bayelsa to borrow N43.57 billion to augment 2022 budget as present debt hits N169 billion

bayelsa-to-borrow-n43.57-billion-to-augment-2022-budget-as-present-debt-hits-n169-billion

Based utterly on files acquired from the online page of the Debt Management Place of job, Bayelsa’s debt profile as of June 2021 stood at over N150.60 billion, up from the N123 billion the present administration inherited on assumption of feature of job in February 2020.

The Bayelsa Bid Authorities plans to borrow N43.57 billion to augment the N310.7 billion proposed for the 2022 fiscal year as the inform’s debt profile hits N169 billion.

The borrowing figuring out is contained within the inform’s 2022 Appropriation Invoice.

Assessments on legitimate data by the Knowledge Agency of Nigeria (NAN) point to that the debt grew following the present approval granted by the inform condominium of Assembly to Governor Douye Diri to salvage an additional loan of N18.7 billion.

Based utterly on files acquired from the online page of the Debt Management Place of job, Bayelsa’s debt profile as of June 2021 stood at over N150.60 billion, up from the N123 billion the present administration inherited on assumption of feature of job in February 2020.

On October 20, Mr Diri presented the 2022 Appropriation Invoice to the Bayelsa Home of Assembly which therefore despatched it to its Committee on Appropriation for legislative action.

NAN learnt that the 2022 appropriation bill, at uncover below consideration by the Appropriation Committee of the home, puts the running tag of governance at N70.56 billion, some 22 per cent of the budget.

The inform has set apart apart N61.75 billion for debt servicing and repayments.

Mr Diri, in a letter to the meeting looking out for the legislators’ consent for the borrowing figuring out, defined that the N18.7 billion loan “is a Federal Authorities bridging facility to cushion the attain of repayment of intervention companies by the inform executive.”

The governor acknowledged the loan has a 30-year tenure and can non-public to tranquil enable the inform executive to meet its financial tasks.

READ ALSO: Gov Diri items N311 billion 2022 budget to Bayelsa Assembly

It might perhaps most likely well also be recalled that on October 6, the meeting current Mr Diri’s quiz to restructure existing loans acquired by the inform executive from industrial banks to free more resources for ongoing projects.

The approval used to be the 2d time in 16 months that the meeting would grant Mr Diri’s quiz to renegotiate and restructure renowned industrial financial institution loans following a same approval in June 2020.

The N18.7 billion is the fourth within the collection of loans that Mr Diri’s administration has taken following the nod of the 24-member condominium because it used to be inaugurated on February 14, 2020.


In March 2020, barely two weeks in feature of job, the Bayelsa executive took a loan of N2.9 billion to obtain vehicles for the governor, the deputy governor and varied high executive officers.

Additionally in November 2020, the executive borrowed N17 billion from plenty of sources and secured one other N3.5 billion loan in December of the same year.

(NAN)

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