Why I took N50b bond – Sylva

Posted by admin Bayelsa, Headlines, State News Tuesday, January 15th, 2013

Former Governor of Bayelsa State, Chief Timipre Sylva, on Monday said he took N50bn bond to fast-track the state’s infrastructural development.

He also stated that contrary to the claims of his successor, Seriake Dickson, he was not instrumental in the N60bn bank debt.

Sylva, in a statement by his Media Adviser, Doifie Ola, also said Bayelsa State could not be run through propaganda.

He said, “The Government of Bayelsa State under Chief Timipre Sylva took a N50bn bond in 2010 following approvals by the state House of Assembly and the Nigerian Stock Exchange. The idea of the bond was to fast-track infrastructural development in the state.

“In particular, it was to stabilise power, improve health care and education, construct roads and provide water. Funds from the bond were not paid to the government but directly to the contractors. At the time Sylva left office, specific projects linked to the bond were about 90 per cent completed.

“Since the bond was on a determined interest rate, it is absurd for the Dickson administration to suggest that Sylva left a N50bn bond debt as if it has not been serviced since 2010. This is simple arithmetic.”

Ola added that the Sylva administration inherited debts from the previous administration in the state and some of the debts were absorbed into the bond, saying “Sylva could not have been responsible for a N60bn bank debt as Dickson sought to suggest”.

The ex-governor expressed concern that the government of Henry Seriake Dickson in Bayelsa State “is still engaged in pushing out half-truths and lamentable lies.”

He said, “Yet, the Dickson administration insisted that Sylva left a whopping debt of N110bn, comprising N50bn bond and N60bn bank debt. The Dickson system suffers from a credibility deficit.

“It is irresponsible for the Dickson administration to blame Sylva continually for its incompetence. Now that he is governor, even if through an ungodly process, the Bayelsa people expect Dickson to lead in developing the state, not to make excuses.

“But even a government of doubtful legitimacy can be consistent. Dickson and his lieutenants are confused.” They have no idea about how to run a government. They think that running Bayelsa State is about cheap propaganda.”

-punchwp_posts