Niger Delta
Sylva Warns On Abuse Of Naira
Bayelsa State Governor, Chief Timipre Sylva, has pleaded with Bayelsans to halt the apparent abuse of the naira either by spraying or dancing on it during social functions.
Governor Sylva gave the charge when the CBN’s Enforcement Committees on the Abuse of the Naira and Agricultural Credit Guarantee Fund Scheme led by Dr Joshua Umuya called on him in Government House, Yenagoa last Wednesday
.Represented by his deputy, Chief Werinipre Seibarugu, Governor Sylva condemned the abuse of the country’s currency in any form, noting that it was a crime going by the CBN Act of 2007.
He commended the management of the nation’s apex bank for its efforts to revive the provisions of the Act and assured the committee that the people of Bayelsa State would be encouraged to abide by it.
Governor Sylva called on the CBN to liaise with commercial banks to educate the people in the rural areas, adding that it was not only spraying and dancing on the naira that constitute its abuse but also allowing it to get wet and rumpled.
In respect of Agricultural Credit Guarantee Fund Scheme, the Governor called on the Committee to provide details on how to secure the loans, saying that it will promote self-employment and reduce the pressure on government and oil companies.
Earlier, the leader of the team, Dr Joshua Umuya, had said they were in the State to enlighten the people on the CBN Act of 2007 which defines the abuse of the naira as a criminal offence.
Dr Umuya said Section 21 of the Act stipulates an imprisonment of not less than six months and or a fine of not less than fifty thousand naira for people found guilty of abuse of the naira.
On the Agricultural Credit Guarantee Fund Scheme, Dr Umuya said it was set up by Decree 20 of 1997 with the purpose of guaranteeing loans of at most N10 million for small scale farmers.
He said Bayelsans have not taken full advantage of the scheme since inception, noting that out of 723,000 loans worth N46.7 billion given out nation-wide, Bayelsa accounts for only 1,200 loans worth N202 million.