Bayelsa Assembly approves Gov Diri’s N17 Billions request .Holds valedictory session for late Arthur-Apeti on Thursday

 By Inegbagha Majesty

Bayelsa State House of Assembly on return from its long vacation, at its plenary on Wednesday has approved N17 Billion request by the state governor, Senator Douye Diri to boost the economy of the state and enhance good governance.

 The  approval was sequel to a motion moved by the Leader of the House, Rt. Honourable Monday Bubou Edwin Obolo and seconded by Hon Charles Daniel, member representing Brass Constituency I, occasioned with intensive debates in support for the approval.

Governor Douye Diri in three separate letters dated October 26 and November 9, 2020 addressed to the Rt. Honourable Speaker of the House, and was read at the plenary by the Clerk of the House, Mr Edward K Owudogu, had solicited the lawmakers to approve his requests.

Governor Douye Diri

 In its request, the governor sought the House approval to access a N4 billion Sustainable Development Goals (SDGs) Counterpart Fund and a N10 billion Facility from the Central Bank of Nigeria (CBN) to develop oil palm potentials.

The Governor stated in his letter that” As part of this administration’s efforts to cushion the effect of the global economic downturn occasioned by the Covid -19 Pandemic and the dwindling oil revenues, we seek to take advantage of intervention funds from the Federal Government through the Central Bank of Nigeria and Sustainable Development Goals (SDGs) programme.

The facility from the Central Bank of Nigeria will aid the state government to develop our oil palm potentials, while the Sustainable Development Goals (SDGs) Counterpart Fund is a pre-requisite for the state to attract a matching grant under the SDGs.”

He explained further that the N4 billion Sustainable Development Goals (SDGs) Counterpart Fund would be obtained from a Commercial Bank, while the N10 billion facility from the Central Bank of Nigeria (CBN) when acquired would be used to finance the development and expansion of existing oil palm potentials in the state.

In another letter, the governor also implored the House to approve N3 billion, as a revolving temporary Credit facility, with a 12 Months tenure, to fund state financing gap when there is a shortfall in monthly revenue accruing to the state.

In his letter “ Due to the global economic downturn and dwindling revenue, it has become imperative to source for a revolving short-term Credit finance line to fund gaps when there is a short fall in monthly revenue accruing to the state.

This credit line will enable the state government to respond appropriately to critical monthly financial obligations. The standing instruction will eliminate reoccurring documentation costs.

The facility shall be for tenure of Twelve Months as Temporary Overdraft with short-term Clean up Circle”.

The House also approved Governor’s request for the appointment of additional 10 Special Advisers in line with the provision of section 196 of the 1999 Constitution of the Federal Republic of Nigeria as amended.

Also in the plenary, the State House of Assembly, in a motion moved by the Leader of the House, Rt. Honourable Monday Bubou Edwin Obolo and seconded by the Deputy Speaker, Hon Ogbere Michael after intense debate has approved the 2021-2023 Medium Term Expenditure Frame Work (MTEF) and Fiscal Strategy Paper (FSP).

In another development, the House will hold a valedictory session in honour of Late Hon ( Chief) Bomo J. Arthur-Apeti at the Assembly Chamber on Thursday.