• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Thursday, October 30, 2025
No Result
View All Result
NewsNet Nigeria
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos
NewsNet Nigeria
No Result
View All Result
Home Economy

Okowa seeks approval from DTHA for N150 billion finance loan to tackle pension commitments, unpaid certificates earned by contractors

by NewsNet Nigeria
4 years ago
in Economy
Citizens Alliance Project calls on Okowa to take up national assignment

Governor Ifeanyi Okowa of Delta State

Share on FacebookShare on TwitterShare on LinkedinShare on Whatsapp

Governor Ifeanyi Okowa has written to the Delta State House of Assembly seeking approval of a bridging finance facility of One Hundred and Fifty Billion Naira in favour of the state government.

The Governor In a letter to the House read by the Speaker, Rt Hon Sheriff Oborevwori, at plenary, said the state was expecting a refund from the Federal Government, being Petroleum Subsidy payments made without recourse to the 13% derivation due to oil-producing states from January 1999 to November 30, 2021.

According to Governor Okowa “Delta State’s portion amounted to Two Hundred and Seventy Billion, Six Hundred and Sixty-four Million, Two Hundred and Eighteen Thousand, Four Hundred and Sixty Naira, Twenty-three kobo.

ALSO READ  Oborevwori Congratulates CP Victor Erivwode at Eku Reception, Urges Him to Aim Higher in Police Service

He said bearing in mind the resolve of his administration to finish strong, it was necessary for the state to capitalise on the refund to defray arrears of unpaid certificates earned by contractors with respect to the completion of some critical ongoing legacy projects awarded by past and present administrations, and also to galvanise contractors towards completing and achieving significant milestones in the projects.

Governor Okowa further noted that the bridging finance loan would also take care of outstanding pension commitments to state and local government Pensioners in the Contributory Pension Scheme, amounting to Twenty Billion Naira and Ten Billion Naira, respectively.

ALSO READ  Oborevwori, Dafinone, Political Leaders Grace Waive’s Son’s Traditional Marriage in Lekki

He explained that the state’s ability to achieve the foregoing is however limited by the fact that the expected total refund will not be received into the state’s account in one lump sum, rather it will be refunded over a period of five years on a quarterly basis with effect from April 2022 to January 2027.

The implication according to the Governor, is that the State will need to secure a bridging facility in order to achieve the objectives and the facility shall be secured with the quarterly expected inflows.

ALSO READ  Warri Urhobo APC Leadership Council Commends Gov. Oborevwori, Urges Deltans to Support Him

To this end, Dr Okowa disclosed that the state government intends to arrange a bridging finance loan facility of One Hundred and Fifty Billion Naira with Zenith Bank plc.

He also said in the letter that the State Executive Council at its Fourth meeting held on Friday, 25 March 2022, considered and approved that the state obtains a syndicated bridging finance facility, of the sum with Zenith Bank Plc as the Lead Arranger.

The motion for the approval of the request was moved by the Majority Leader, Ferguson Onwo and unanimously approved.

The House adjourned plenary till May 10, 2022.

Previous Post

WHY IS OMENE SINGING A NEW SONG NOW?

Next Post

2023: Oborevwori Vs Alleged Prophetic Deal: Another Failed Propaganda By Detractors

MORE NEWS

Ubara Family Petitions Delta CJ over Magistrate’s “Overreaching” Order in Burial Dispute
Economy

Delta Court Slams Illegal Revenue Collectors with 4-Year Jail Term

October 27, 2025
Anioma State: Idumuje-Unor Backs Obi Anyasi III, Condemns Nwaezeigwe’s ‘Malicious’ Publication
Economy

Anioma State: Idumuje-Unor Backs Obi Anyasi III, Condemns Nwaezeigwe’s ‘Malicious’ Publication

October 26, 2025
2ND ANNIVERSARY: NUJ faults Oborevwori on media engagement, public accountability
Economy

Extend Julius Berger Projects to Riverine Areas, Mulade Urges Oborevwori

October 23, 2025
NCDMB’s DRR Training Ends in Delta with Fire, Health Emergency Drills, Certificates, Starter Packs and Cash Awards
Economy

NCDMB’s DRR Training Ends in Delta with Fire, Health Emergency Drills, Certificates, Starter Packs and Cash Awards

October 22, 2025
Next Post
2023: Oborevwori Vs Alleged Prophetic Deal: Another Failed Propaganda By Detractors

2023: Oborevwori Vs Alleged Prophetic Deal: Another Failed Propaganda By Detractors

Leave Comment

RECENT STORIES

Social Media User Arrested in Rivers for Coup Posts

Social Media User Arrested in Rivers for Coup Posts

October 29, 2025
FG Declares Friday, September 5, Public Holiday for Eid-ul-Mawlid

Tinubu Signs Clemency Order, Drops Convicts of Serious Crimes

October 29, 2025
Senate Approves Oluyede as Chief of Defence Staff

Senate Approves Oluyede as Chief of Defence Staff

October 29, 2025
Anioma State: Nwoko Hints Referendum in Coming Months

Anioma State: Nwoko Hints Referendum in Coming Months

October 29, 2025
Police Arrest Sisters, Accomplices Over Staged Kidnapping to Extort Father

Delta Police Arrest Cult Leader in Aviara, Gun Runner on Asaba–Benin Road

October 29, 2025

TRENDING STORIES

  • Herbalist Hides in Fridge as Police Storm Shrine, Recover Two Corpses in Delta

    Herbalist Hides in Fridge as Police Storm Shrine, Recover Two Corpses in Delta

    0 shares
    Share 0 Tweet 0
  • Illicit Arms Supplier to Bandits Falls in Delta Police Dragnet

    0 shares
    Share 0 Tweet 0
  • Delta Court Slams Illegal Revenue Collectors with 4-Year Jail Term

    0 shares
    Share 0 Tweet 0
  • Agbor Okada Rider’s Killers Nabbed as Police Recover Decomposed Body

    0 shares
    Share 0 Tweet 0
  • Tinubu Signs Clemency Order, Drops Convicts of Serious Crimes

    0 shares
    Share 0 Tweet 0
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.

No Result
View All Result
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.