The Bayelsa State Assembly has again approved a request by Governor Douye Diri , to obtain another loan of N 3. 5bn loan.
The request was contained in a letter forwarded to the legislative arm by Diri, which was read on the floor of the House, in Yenagoa , during plenary on Wednesday .
The Assembly had in March approved a request by the governor to obtain a loan of N 2. 9bn loan to buy official vehicles for top government functionaries while in November, he was also given approval to obtain another loan of N 17bn from multiple sources to pay the states counterpart funds for the Sustainable Development Goals , oil palm project and funding of state financing gap over a temporary credit facility .
According to the latest letter, the Diri administration is seeking for a fresh N 3. 5bn loan to enable the state meet its counterpart funding obligations in order to access Universal Basic Education funds .
Moving the motion for the approval of the governor ’ s request , the Leader of the House, Monday Bubou – Obolo , explained that the N 3. 5bn was 50 per cent of a total N 7bn targeted to fund educational infrastructure in the state.
He claimed that out of the N 7bn, the UBE was demanding for Bayelsa ’ s 50 per cent counterpart fund to enable it access the total sum meant for the state.
Bubou -Obolo , who represents Southern Ijaw Constituency 2, said , “ This N 3. 5bn is a counterpart contribution. What this simply means is that, the UBE headquarters is giving Bayelsa N 3. 5bn, but before we can get that fund , they are also telling us to provide N 3. 5bn and they will add their own to make it N 7bn.
“ All that money will be used to build schools . At the moment , the state government cannot immediately provide those funds. So , we ( the House ) have to approve it for the bank to give the loan. ”
The 24- member House under the speakership of Abraham Ingobere , unanimously approved the loan request .
