The Delta State House of Assembly has approved a request by the Governor Ifeanyi Okowa for a bridging finance facility of N150 billion.
The governor’s request was contained in a letter which was read by the Speaker, Sheriff Oborevwori, during plenary.
Okowa’s letter reads: “The requested credit facility would be principally tailored towards defraying arrears of unpaid certificates earned by contractors, with respect to completion of some critical ongoing legacy projects awarded by past and present administrations.”
The governor also said part of the loan would be tailored towards taking care of outstanding pension commitments in the contributory pension scheme of state and local governments, amounting to N20 billion and N10 billion.
The letter added: “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 till November 30, 2021. Delta State’s portion amounts 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 completion of some critical ongoing legacy projects awarded by past and present administrations.”
The motion for approval was moved by the Majority Leader, Ferguson Onwo, and seconded by the Chief Whip, Mrs. Pat Ajudua. The motion was unanimously adopted by the Assembly when put to a voice vote.
