By Augustine Akanigha
The Delta State House of Assembly, today, Tuesday, June 29, 2021 in Asaba, at plenary, approved the Delta State Governor, Senator Ifeanyi Okowa’s request of N4 billion ‘Bridging Finance Facility’ from Zenith Bank PLC.
In a letter sent to the House, the Governor drew the attention to the expected tranche of quarterly refunds from the Federal Account Allocation Committee (FAAC), being the state’s share of 13 per cent derivation, credited to the Excess Crude Funds, utilitized by the Federal Government without remitting same to the oil producing states.
He added that while awaiting the refunds, there was urgent need to galvanize contractors towards completing and achieving significant milestone in respect of on-going legacy projects for the benefit of all Deltans.
Sequel to the above, the governor said that the State Executive Council (EXCO) at its sixth meeting, held on Tuesday, May 18th, 2021, considered and approved that the state government obtain a N4 billion bridging finance loan facility from Zenith Bank PLC at favourable terms and conditions.
The governor, therefore, sought the authorization of the members of the House to accept the loan facility from Zenith Bank PLC and issue an appropriate irrevocable standing payment order (ISPO) in favour of the bank to defray the loan.
In a related development, the lawmakers have equally received a letter of nomination of Mr Henry Onwordi Idama for appointment as Director General, Delta State Water Sector Regulatory Commission from the state Governor.
Mr Idama, an engineer, is to appear for screening on Tuesday, July 6, 2021 at 10.00 a.m.