Saturday, May 25, 2024

Bayelsa to borrow N43.57 billion to augment 2022 budget as current debt hits N169 billion

Barely two weeks in office, in March 2020, the governor took a loan of N2.9 billion to purchase cars for himself, his deputy and top government officials.

• October 26, 2021
Bayelsa State governor Douye Diri
Bayelsa State governor, Douye Diri (Photo Credit: Diri’s official Twitter page)

The Bayelsa government plans to borrow N43.57 billion to augment the N310.7 billion proposed for the 2022 fiscal year as the state’s debt profile hits N169 billion.

The borrowing plan is contained in the 2022 Appropriation Bill of the state. 

Checks on official records indicate that the debt grew following the recent approval granted by the state House of Assembly to Governor Douye Diri to obtain an additional loan of N18.7 billion.

Data from the website of the Debt Management Office, pegs Bayelsa’s debt as of June 2021 at over N150.60 billion, up from the N123 billion inherited on assumption of office in February 2020.

On October 20, Mr Diri presented the 2022 Appropriation Bill to the House of Assembly which subsequently sent it to its Committee on Appropriation for legislative action.

The 2022 appropriation bill, currently under consideration by the Appropriation Committee of the house, puts the running cost of governance at N70.56 billion, some 22 per cent of the budget.

The state has set aside N61.75 billion for debt servicing and repayments.

Mr Diri says the N18.7 billion loan has a 30-year tenure and will enable the state government to meet its financial obligations.

The N18.7 billion is the fourth in the series of loans that Mr Diri’s administration has taken following the nod of the 24-member house to collect since it was inaugurated on February 14, 2020.

Barely two weeks in office, in March 2020, the government took a loan of N2.9 billion to purchase cars for the governor and the deputy governor as well as for top government officials.

Also in November 2020, the government borrowed N17 billion from multiple sources and secured another N3.5 billion loan in December of the same year.


We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State


Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”


Hansi Flick favourite to takeover Barcelona job following Xavi’s dismissal

He has been out of job since he was sacked as the manager of the German national team in 2023.



Plateau lawmaker solicits support for rainstorm victims

Residential houses and a church were affected by the rainstorm.

President Bola Tinubu


Nigeria no longer printing money, deceiving itself under my watch: Tinubu

“Nigeria went through terrible labour pains, but we have seen the baby coming out alive,” the President concluded.

Nigerian policemen at a checkpoint


Imo CP condemns alleged corruption within Nigerian police

According to him, Nigerians are no longer satisfied with the overall conduct and character of policemen in the country.

Rivers Governor Siminalayi Fubara

Port Harcourt

Gov. Fubara flags off N6.7 billion Okania-Ogbogoro road project

The governor said it would be completed and inaugurated in the next five months.