Okowa’s N100bn Loan Request Gets Delta Assembly’s Approval
Omon-Julius Onabu in Asaba

The Delta House of Assembly has approved a request by Governor Ifeanyi Okowa for a N100 billion credit facility, out of the N150 billion earlier approved Consolidated Syndicated Loan

The approval followed the adoption of a motion moved by the Majority Leader of the Assembly, Hon. Ferguson Onwo, and seconded by the member representing Ughelli North I constituency, Mr Charles Oniyere at the Assembly’s plenary in Asaba on Thursday.

The Governor had transmitted a letter for the N100 billion loan request to the lawmakers through the Speaker, Hon. Sheriff Oborevwori, who duly presented the same to the House.

Oborevwori, who is the state’s 2023 Governorship Candidate of the Peoples Democratic Party (PDP), noted that the assembly had on April 26, 2022 received and had subsequently approved the governor’s request of N150 billion consolidated syndicated loan from Zenith Bank.


Okowa said in the letter, “With the change of Lead Arranger from Zenith Bank to Premium Trust Bank Limited, alongside other participating banks willing to accede to the pricing terms and further documentations, Premium Trust Bank Limited has insisted that in line with the prudential guidelines and extant regulations, a House of Assembly’s resolution was required to enable the bank consummate the transaction.

”Consequent on this, the State Executive Council at its first meeting held on Monday, January 16, 2023 considered and approved for the state government to obtain N100 billion out of the earlier approved N150 billion consolidated syndicated loan led by Premium Trust Bank Limited in line with the reverse terms and conditions.”

Moreover, the governor explained that the loan would be used for the payment of contractors and funding of an assortment of crucial ongoing projects across the state.

Meanwhile, the House also granted another request by the governor for a N2 billion bank facility to fund additional investment of three per cent equity in UTM Offshore Limited Floating Liquefied Natural Gas (FLNG) Project.

The approval of the N2 billion request similarly followed the adoption of a motion moved by the Majority Leader of the Assembly, Hon Onwo and seconded by the Minority Leader, Hon Innocent Anidi.


Also, the facility to be secured by the issuance of an Irrevocable Standing Payment Order (ISPO) authorising the Accountant General of the Federation to deduct from the State FAAC allocation monthly.”

I hope Delta State is not cursed?


Just imagine Sanwoolu or Dapo Abiodun taking such loans....the children of perdition won't allow us rest... But since he's a kinsman and party man they're deaf and blind

You mean atikulooter the second😃😃😃

Kewtt:
I hope Delta State is not cursed?

oyin44:
You mean atikulooter the second😃😃😃

Lagos should just buy up Delta State, can you imagine

This country is gone forever.

Kewtt:

Lagos should just buy up Delta State, can you imagine

Don't worry, sooner or later they themselves will sell it to sanwo olu...


Inshort, the whole south south region is poor in term of development despite the wealth of the nation emanated from there.

Just imagine its sanwoolu, children of anger won't let us rest, they will claim he want to finance Tinubu politics but now mute since it's their loyal party .

Okowe want to use delta to borrow money for Atiku vote buying.

oyin44:


Don't worry, sooner or later they themselves will sell it to sanwo olu...


That region is poor in term of development despite the wealth of the nation emanated from there.

Very backward retrogressive and undeveloped

Kewtt:


Very backward retrogressive and undeveloped

Worst region ever...

Where are children of Hate and perdition

Pdp people deceiving people

Delta Treasury is bleeding red. This is second time

What is the big deal? Why is this news?? Abi you guys want to help him govern his state? Next please!

Atiku has deceived our Governor.

The reason Atiku picked him is becoming clear .
Okowa is as green as they come

Let him borrow the loan but the question is will he get Raw Cash of such amount? No he won't because CBN will not release it, it will only be wired to the state account electronically and then let see how he will get them by cash to prosecute election. You think Buhari is joking ds time around?

Ok

Okowa the inactive governor.

Normally na Rivers state money dem dey take run Presidential campaign 4 this country. But as the matter don be nw and Wike no ready play ball, Atiku switch 2 his neighbor incase u wia wondering why okowa was picked. Jst Gave u one of the reasons. Is ironic hw the states wit huge allocation are the ones with the biggest debt profile. Delta and Lagos for example.

dirtydiva:
Let him borrow the loan but the question is will he get Raw Cash of such amount? No he won't because CBN will not release it, it will only be wired to the state account electronically and then let see how he will get them by cash to prosecute election. You think Buhari is joking ds time around?

You dey talk like pikin

Parachoko:
You dey talk like pikin

Ok. Leave my comment like dat

Kewtt:
I hope Delta State is not cursed?


Jus t imagine Sanwoolu or Dapo Abiodun taking such loans....the children of perdition won't allow us rest... But since he's a kinsman and party man they're deaf and blind

The Insigines will still blame Buhari and the federal Government. Their people are saints ..

fredoooooo:

The Insigines will still blame Buhari and the federal Government. Their people are saints ..

You know