The Delta House of Assembly, on Tuesday, approved a request by Governor Ifeanyi Okowa for a bridging finance facility of N150 billion in favour of the state government.
The governor’s request was contained in a letter which was read at the plenary of the assembly by the Speaker, Chief Sheriff Oborevwori, in Asaba, the Delta State capital.
Okowa said the requested credit facility which has Zenith Bank PLC as the “lead arranger”, would be principally tailored toward defraying arrears of unpaid certificates earned by contractors with respect to the completion of some critical ongoing legacy projects awarded by past and present administrations in the state.
The governor also said that part of the loan would be tailored toward taking care of outstanding pension commitments to the state and local government areas pensions in the contributory pension scheme, amounting to N20 billion and N10 billion respectively.
READ ALSO: Presidency: Why PDP’ll defeat APC in 2023, by Okowa
“The speaker and members of the state house of assembly, I wish to inform you that the state is expecting refund from the Federal Government, being Petroleum Subsidy Payments made without recourse to the 13 per cent derivation due to oil-producing states from January 1999 to November 30, 2021.
“Delta state’s portion in this regard amounted to N270.6 billion.
“Bearing in mind the administration’s resolve to finish strong, it is necessary for the state to capitalise on the refund to defray arrears of unpaid certificates earned by contractors with respect to the completion of some critical ongoing legacy projects awarded by past and present administrations,” the governor said.
Consequently, the motion for the approval of the credit facility was moved by the Majority leader of the assembly, Chief Ferguson Onwo.
The motion which was unanimously adopted by the Delta Assembly, when put to a voice vote by the Speaker, was seconded by the Chief Whip, Mrs. Pat Ajudua.
The Transmission Company of Nigeria (TCN) has officially commenced the rehabilitation of two critical transmission…
The Bayelsa State Government has confirmed the death of the Deputy Governor, Dr Lawrence Ewhrudjakpo,…
A United States court has sentenced cryptocurrency tycoon Do Kwon to 15 years in prison…
The New Nigeria Peoples Party (NNPP) has instructed its state executives across the country to…
Rivers State Governor, Siminalayi Fubara, has formally completed his registration as a member of the…
The Supreme Court on Friday overrode the pardon granted by President Bola Tinubu to an…
This website uses cookies.