The Bayelsa State Government has confirmed the decision to seek a short-term loan of N30 billion to finance the completion of key projects in the critical sectors of education, housing, road and other Infrastructural development.
The state commissioner for Finance, Maxwell Ebibai, made the disclosure while briefing newsmen on the outcome of the 75th meeting of the State Executive Council in Yenagoa, the state capital.
The media briefing, which was coordinated by the State Commissioner for Information and Orientation, Hon. Jonathan Obuebite, included his works and infrastructure counterpart, Lawrence Ewhrudjakpo, and commissioner for Education, Markson Fefegha.
Ebibai stated that the executive council approved the loan, as there were a number of vital projects that required funding, which cannot be met by the current revenue profile of the state.
He explained that the government assessed a total short-term funding of N30 billion for all the projects, but the emphasis would be on securing an initial short-term facility of N5 billion.
Also, Ewhrudjakpo, said the government had already earmarked N10 billion for the provision of infrastructure in tertiary institutions out of which N5 billion would go for projects at the Niger Delta University (NDU).
Ewhrudjakpo disclosed that the projects include the two-storey Senate Building, three kilometre road and faculty building for Niger Delta Studies at NDU, Amassoma, while the balance would go to the other tertiary institutions including the Isaac Jasper Boro College of Education, Sagbama, School of Health Technology, Otuogidi, School of Nursing, Tombia and Bayelsa State College of Arts and Science (BYCAS), Elebele.
He disclosed further that to meet shortfall in housing, the state government is building over 500 units of houses at Ayama while another 400 units of four-bedroom duplexes are to be built in Yenagoa.
According to Ewhrudjakpo, due to the federal government directive to oil majors to relocate to the Niger Delta, the state government has decided to build befitting accommodation in preparation for the eventual relocation.
The state government has also started the sale of forms for the purchase of plots of land at the new Government Reservation Area in the Tourist Island and a bridge to link Yenagoa to the island will built to ease access of prospective buyers to their land.