Delta assembly approves Okowa’s 20 billion naira loan request
The Delta State House of Assembly on Tuesday approved a request by Governor Ifeanyi Okowa for a naira 20 billion facility from Fidelity Bank Plc.
The governor’s request is contained in a letter read by the president, Sheriff Oborevwori, during the plenary session of the assembly in Asaba.
Mr Okowa said the application was to fund the state government’s five percent stake in the UTM offshore Limited Floating Natural Liquified Natural Gas (FLNG) project.
He said the project falls under the Central Bank of Nigeria (CBN) ‘s window of differentiated liquidity research and reserve for real sector support.
âThe facility is in line with the state government‘s intention to diversify its strategic portfolio by investing in a floating liquefied natural gas plant project.
âDelta is expected to invest in the project through a 5% share of the company,â he said.
Mr Okowa explained that the facility will not only boost employment for the teeming population and improve local content for Delta, but also secure the state’s future cash flow.
As a result, Assembly Majority Leader Ferguson Onwo brought forward a motion to approve the governor’s request. He was seconded by the member representing the constituency of North East Ika State, Anthony Elekeokwuri.
The motion was adopted unanimously by the House when it was put to the vote by the speaker.
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