Yenagoa—The Bayelsa State House of Assembly has approved a request by Governor Douye Diri to borrow the sum of N30 billion to fund the construction of the Yenagoa-Oporoma-Ukubie Road, Nembe-Brass Road, Yenagoa Gateway Road, amongst others.
The State Assembly made this known in a statement released to newsmen on Wednesday.
The statement reads:
“The Bayelsa State House of Assembly under the leadership of the Right Honourable Speaker, High Chief Abraham Ingobere has approved the request of the Governor, His Excellency, Sen. Douye Diri to borrow the sum of N30billion and thereafter reconcile and negotiate the amount, rate, lien and discount on monies due to the State with respect to deductions made by NNPC before the computation and payment of the 13% derivation to the oil-producing states from January 1999, to December 2021.
“The Governor stated in his letter that the state is in dire need of funds to embark on critical infrastructural projects such as; Yenagoa-Oporoma-Ukubie Road, Nembe-Brass Road, Yenagoa Gateway Road, Igbogene-AIT Road, amongst others, which according to him will help unlock our potentials and grow our economy.
“He said the ability of government to fund these projects is extremely challenging, given our lean resources, which is painfully affecting our pace in providing the dividends of good governance to our people.
“Sen. Douye Diri, therefore, said in the light of the increasing cost of construction, the best available option would be to access funds through financial institutions and/or the capital market and thereafter, strategically negotiate and navigate the issues around the NNPC under cost recovery (fuel subsidy and strategic projects) and collect our due portion of the 13% derivation.
“In debating the Governor’s request, members were unanimous in granting their legislative approval because, according to them, it makes far better economic sense to source for funds to execute these strategic projects now rather than wait for monies due to the state to be paid at a later date by which time inflation must have taken its toll on the value of the money.
“They were also of the view that since the facility being sought is tied to specific projects, and since the repayment process will not affect the monthly accruals to the state, it’s only fair that the House approves Governor’s request.”
Mangrovepen.ng recalls that during a courtesy visit to Government House, Yenagoa, Diri had assured the leadership of Nembe Se Congress that the construction of the Nembe-Brass road will commence by April, 2022.
“The Nembe-Brass road will kick off under our watch. This road, if constructed, will have a huge economic benefit to the State.
“This is one of the roads that has security embedded in it, so we will do all it takes to commence that road project”, Diri said.
