New Telegraph

Okowa gets N150bn credit facility

The Delta State House of Assembly has approved a N150 billion credit facility for the state government as requested by Governor Ifeanyi Okowa. The request was contained in a letter that was read during the plenary at the floor of the state House of Assembly yesterday in Asaba, the state capital by the Speaker, Rt. Hon. Sheriff Oborevwori.

The governor, in the letter, said the credit facility, which has Zenith Bank Plc as the “lead arranger,” would be principally tailored towards defraying arrears of unpaid certificates earned by contractors with respect to completion of some critical on-going legacy projects awarded by past and present administrations in the state. Also, he said, part of the loan would be tailored towards taking care of outstanding pension arrears to the state and local government pensioners in the contributory pension scheme, which amounted to N20 billion and N10 billion, respectively.

He said that since thestate is expecting a refund from the Federal Government as Petroleum Subsidy Payments made without recourse to the 13 per cent derivation due to oil producing states from January 1999 to November 30, 2021. The letter reads in part: “Delta State’s share in this regard would be N270.6 billion.

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