Bayelsa State House of Assembly has approved the twenty-twenty-two to twenty-twenty-four Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper as requested by Governor Douye Diri.
The MTEF paper fulfils the requirements of a section of the Fiscal Responsibility law of two thousand and nine as amended.
The House has also given approval for the state government’s request to renegotiate and restructure existing loan facilities with commercial banks to free up funds for developmental projects.
In the request, Governor Diri had explained that it has become difficult for government to fulfill its debt obligations due to increasing demands on limited resources and the burden of inherited debts from previous administrations.
He equally said the approval of the House was to enable government renegotiate the tenure and rate of existing loan facilities for a favourable monthly payment, consolidate and restructure principals and interests of outstanding loans as well as issue revised Irrevocable Standing Payment Order to reflect the restructured amount and tenure.
Earlier at plenary, the Speaker of the House of Assembly, Mr. Abraham Ingobere had welcomed members from their recess and called on lawmakers to take their oversight functions seriously and appreciated the staff of the House for their dedication to duties.