Bayelsa govt restructures N50bn bond to end 2019

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Bayelsa State Government yesterday approved the restructuring of the ongoing repayment of the N50 billion bond secured by the previous administration to 2019, instead of the 2017 it was scheduled to end.
The State Commissioner for Information and Orientation, Hon. Jonathan Obuebite, who made this disclosure, said it was part of the resolutions reached at the 60th Executive Council meeting presided over by Governor Seriake Dickson in Government House, Yenagoa.
He said the decision to restructure the repayment arrangement would help to reduce the financial burden being borne by the state as a result of the deductions made from its monthly allocations for the bond and overpayments credited to the previous administrations.
According to Hon. Obuebite, the state government pays about N1.3billion every month, noting that the administration has paid over N90billion out of the total value of N104billion.
His words, “Council has approved the restructuring of the 50 billion naira bond for which the Bayelsa State Government has paid up to N92.6bn. It has approved the restructuring of the bond, which was to terminate by 2017 to 2019 so as to reduce the burden of repayment that the state government has been carrying.”
The Information Commissioner said the State Executive Council also gave approval for payment of the variation totalling N1.2bn, which was applied for by Julius Berger, the contractor handling the Opolo-Elebele Road.
Hon. Obuebite, who explained that the variation covers items such as roundabouts and bridges that were not part of the original award of the double-carriage way road project, maintained that Council also approved payment of debts owed the contractor of the Toru-Ebeni Bridge Access Road, which has since been completed.
The Information Commissioner also noted that Council expressed displeasure over the theft of a 50 KVA electricity generating plant and the vandalisation of other equipment at the Sports Academy, Asoama, in Kolokuma/Opokuma …Read More

Source:: Nigerian Pilot