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Bayelsa denies receiving N10bn CBN agric loan

By Julius Osahon, Yenagoa
12 November 2021   |   3:58 am
Bayelsa State Government has debunked reports that it had collected additional loans, saying that state had not received N10bn agricultural loan from the Central Bank of Nigeria, CBN for the proposed development of the state oil potential.

Bayelsa State Government has debunked reports that it had collected additional loans, saying that state had not received N10bn agricultural loan from the Central Bank of Nigeria, CBN for the proposed development of the state oil potential.

The state Commissioner for Finance, Mr. Maxwell Ebibai, made the clarification in Yenagoa during briefing on its activities in July and August.

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

The N10bn CBN agric loan was part of the N17bn facility, which the state House of Assembly approved in November 2020 for the Governor Douye Diri administration to borrow from multiple sources.

Ebibai said during the briefing that there was the need to clear the air on the claims in some quarters that the government had received N10bn loan and misappropriated it.

“The state government has not collected the N10bn loan for agric palm plantation, cassava and rice cultivation. Let us not go around raising issues about money that has not been collected.