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Delta Assembly approves Gov Okowa’s N4bn loan request



The Delta House of Assembly on Tuesday approved a request by Governor Ifeanyi Okowa for a N4 billion loan facility from Zenith Bank.

The governor’s request was contained in a letter forwarded to the State Assembly and read at the plenary by the Speaker, Sheriff Oborevwori.

Okowa said the request followed an earlier approval to secure the loan by the State Executive Council.

The loan facility, according to the governor, is for the completion of ongoing projects in the state.

He said: “The state is expecting the next tranche of quarterly refunds from the Federal Allocation Committee (FAAC) being its share of 13 percent derivation that were credited to the excess crude funds utilised by the Federal Government without remitting same to the oil-producing states.

READ ALSO: Delta Assembly confirms 17 commissioner nominees

“While awaiting the refunds, there is the need to galvanize contractors towards completing and achieving significant milestones in respect of ongoing legacy projects for the benefit of Deltans.

“To realise the foregoing, therefore, it has become necessary to seek bridging finance at favourable terms and conditions.”

Consequently, the House Deputy Majority Leader, Oboro Preyor, moved a motion for the Assembly to approve the governor’s request.

The motion which was unanimously adopted by the Assembly when put to a voice vote by the speaker, was seconded by the Minority Leader, Mr. Innocent Anidi.

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