Delta State House of Assembly Thursday approved a request for the state to obtain a loan of 100 billion naira out of the earlier approved 150 billion naira consolidated syndicated loan.
The state governor, Dr Ifeanyi Okowa in a letter to the Assembly and read by the Speaker, Rt Hon Sheriff Oberevwori, recalled that on April 26, 2022, the House had approved for Delta State Government to obtain 150 billion naira with Zenith Bank as the Lead Arranger.
He explained that with the change of the Lead Arranger from Zenith Bank to Premium Trust Bank Limited, alongside other participating banks willing to accede to the pricing terms, Premium Trust Bank Limited has insisted for House of Assembly resolution to enable it consummate the transaction in line with prudential guidelines and extant regulations.
The Governor said consequent on the above, the State Executive Council at its first meeting held Monday, January 16, 2023, considered and approved for the state government to obtain 100billion out of the 150billion earlier approved Consolidated Syndicated Loan in line with the revised terms and conditions.
In another correspondence to the Assembly, the governor sought for approval of 20 billion naira from Fidelity Bank to finance the Delta State Government additional investment of 3% Equity in UTM Offshore Limited Floating Liquefied Natural Gas, FLNG project.
Motion for the receipt of the letter for further legislative actions was moved by the Majority Leader, Ferguson Onwo, Isoko South 2, seconded by the Minority Leader, Innocent Anidi, Ethiope East and unanimously adopted.
The Majority leader, Ferguson Onwo who also moved the motion for approval of the request, restated the commitment of the House for good governance in the state and commended the executive arm of government with respect to the rule of law.
The House adjourned to Tuesday next week.
