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WE'LL SOON COMPLETE PAYMENT OF SYLVA'S N50 BILLION LOAN --- BAYELSA GOVT
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The Bayelsa State Government has said that it will complete the repayment of the N50 billion naira loan obtained by the last administration of Chief Timipre Sylva before the third quarter of this year.
The State Commissioner for Finance, Maxwell Ebibai disclosed this in Yenagoa shortly after the 105 State Executive Council meeting.
Ebibai said the Restoration Government has been committed in the repayment of the loan in order to take off the huge burden it has placed on the state.
The Finance Commissioner also said that the council reviewed the funding options before it of some of its key projects and the challenges of completing such projects.
He explained that to achieve its target, the government has expanded the Contractor Infrastructure finance Development Scheme which will give contractors access to funds directly from banks based on milestones.
He further explained that with the scheme, contractors can approach banks to secure loan and execute their projects while the state government will act as a guarantor and ensure that the loans are repaid based on the job done.
"It is a sort of a Public Private Partnership. It involves the government, the contractors and the banks. We are not borrowing but the contractors. We will only gurantee payment based on job done. By this we are sure to complete some of our key projects.
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WE'LL SOON COMPLETE PAYMENT OF SYLVA'S N50 BILLION LOAN --- BAYELSA GOVT - by Ebi - 03-28-2019, 12:33 PM



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