Bayelsa Restructures Existing ‎40b Loan For Projects

…. says it will enhance speedy completion of projects

Bayelsa State House of Assembly has approved the request for the restructuring of the existing N40 billion loan for infrastructure and other developmental project by Governor Henry Seriake Dickson.

The restructured loan will enhance speedy completion of ongoing projects across the three senatorial zones in the state such as the Sagbama/Ekeremor road, Isaac Boro road with street lights and Bayelsa International Airport.

Others are the Senate building inside the Niger Delta University (NDU), internal roads especially in Ogbia local government, ‎the bridge leading to the Tourist Island, among others.

Making this known in an interview with newsmen in Yenagoa, the State Commissioner for Works and Infrastructure, Lawrence Ewhrudjakpor maintained that it is not a fresh loan as being speculated rather it is aimed at restructuring already existing loan from two to four years period.

He further clarified that ‎the contractors, as contained in the provision will now be drawing from the bank the existing loan with the approval of the state government based on the milestone achieved.

“You know we took a loan for the airport sometime ago, so what we are doing is that instead of paying the required two point something billion naira every month we have restructured it and so the time to pay the loan has been elongated.

“Rather than two years we will now pay it in four years and it will be about N1billion naira every month. The other‎ one will be given to our contractors. We don’t want to handle it ourselves because if we do, we will still spend it on other things. So we have given it to a particular bank to distribute to our contractors. So clearly it is not a fresh loan”.

Ewhrudjakpor asked Bayelsans to disregard the falsehood being circulated by mischief makers which is aimed at di‎screditing the government and bringing total disaffection between it and the people.

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