Business
Bayelsa Debunks Participation In N123.34bn 2020 Grant To States
The Bayelsa State Government has said that the current administration did not participate in the 2020 budget transparency assessment by the Federal Government, and therefore dismissed reports that the state failed to meet set criteria.
Commissioner for Information, Orientation and Strategy, Mr Ayiba Duba, told newsmen in Yenagoa that the current administration in the state only came into office on Febuary 14, 2020.
He explained that the state was in transition mode as at January 2020 when the assessment was conducted and could not have participated when its 2020 budget was passed in March 2020,after the assessment had been concluded.
Our correspondent recalls that Governor Douye Diri was sworn in on Februry 14, a day after the Supreme Court sacked the erstwhile governor-elect of Bayelsa , David Lyon, and his Deputy, Biobarakuma Degi-Eremieoyo.
Lyon’s election was nullified because his deputy submitted forged certificates to the Independent National Electoral Commision.
Duba, who described media reports that Bayelsa did not meet the eligibility criteria for the funds as erroneous, noted that Bayelsa government gives priority to transparency and accountability in the management of public funds.
“The report that Bayelsa State did not benefit from the N123.34 billion recently disbursed to thirty-two states under the Federal Governments States Fiscal Transparency Accountability and Sustainability (SFTAS) Programme for Result because the state did not meet the eligibility criteria was inaccurate and misleading.
“The claim could not have been the truth because Bayelsa did not participate in the selection process.
“It is an open secret that Bayelsa was in transition for the larger part of 2019.
“The administration assumed office in February, 2020 and the budget was not passed until March long after the SFTAS condition for benefiting in the funds had expired.
“It is therefore impossible to have published the budget online in January.
“However, the 2021 budget was passed in compliance with the SFTAS.
“The citizenry is assured that the prosperity administration of Sen. Douye Diri is committed to fiscal transparency and accountability,” Duba said.
On the outstanding pension liability, Duba said the Diri administration has been offsetting the pension arrears since he came on board, had released an additional sum of N500 million in addition to the N150 million for pensions in January.
“Bayelsa State Government is deeply committed to the welfare and wellbeing of its citizenry particularly those who have invested their productive years in the service of our state and will continue to do things that will ameliorate their condition.
“The people of Bayelsa are encouraged to continue to support the prosperity administration of Gov. Douye Diri as the movement on the path of development has commenced,” Duba said.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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