We have Not Received N10bn CBN Agric Loan, Says Bayelsa

Olusegun Samuel in Yenagoa

The Bayelsa State Government has debunked reports that it had collected additional loans, saying that state had not received N10 billionn agricultural loan from the Central Bank of Nigeria (CBN) for the proposed development of the state oil palm potential.

The State Commissioner for Finance, Mr. Maxwell Ebibai made the clarification in Yenagoa during the state transparency briefing for the month of July and August.

He spoke against the backdrop of claims that the government had collected and misappropriated the fund.

The N10 billion CBN aAgric loan was part of the N17 billion facility which the State House of Assembly approved in November 2020 for the Governor Douye Diri administration to borrow from multiple sources.

Also, N4 billion would be accessed from Sustainable Development Goals Counterpart Fund, and N3 billion as “a revolving temporary credit facility with a 12 months’ tenor to fund state financing gap when there is a shortfall in monthly revenue accruing to the state.”

The governor had in his letter of request for the approval of the House said: “The facility from the CBN will aid the state government to develop our oil palm potential, while the Sustainable Development Goals (SDGs) Counterpart Fund is a prerequisite for the state to attract a matching grant under the SDGs.”

However, Ebibai said during the briefing that there was the need to clear the air in the wake of the claims in some quarters that the government had received the N10 billion loan and misappropriated it.

He said:”As citizens of Bayelsa State, we agree that it is the right of every citizen to make constructive criticism and where people are not cleared with certain facts, it is appropriate that we seek clarification.

“The state government has not collected the N10 billion loan for agric palm, plantain, cassava and rice cultivation. Let us not go around raising issues about money that has not been collected.

“Money that has not been received or collected cannot be misappropriated. This can be checked with the CBN if they have availed Bayelsa State of those facilities.

“This current government is too responsible to collect N17 billion loan from the CBN and not do anything with that money.”

He added: “Let it be clear that, the government of Senator Douye Diri is too responsible to collect loan from the CBN and not do anything with that money. This government is focussed and we owe the citizens of the state to apply whatever fund we received in the most transparent manner possible. Nothing has been received and nothing has been spent.’

Ebibai challenged those peddling falsehood to seek clarifications to clear doubts over loans and other issues of governance as people have the right to make constructive criticism.