Gov. Ifeanyi Okowa of Delta StateThe Delta State House of Assembly ( DTHA) has at plenary session approved the sum of N12 billion Bridging Finance facility from Zenith Bank Plc for the state government.
The lawmakers said the bridging finance credit was inflow from the Federal Government of Nigeria (FGN) through the Central Bank of Nigeria (CBN).
The Majority Leader of the House, Hon. Chief Ferguson Onwo who moved the motion for the approval of loan said it was to cushion the effect of resumption of repayment of the Federal Government Intervention facilities on expiration of the forbearance period.
The Speaker of the House, Hon.Rt. Sheriff Oborevwori said the request for the approval of the loan was sequel to a letter from the state governor, Senator Ifeanyi Okowa.
According to the speaker, the bridging finance sum was to be received in six equal consecutive monthly installments of N3, 037, 556, 017.28 billion.
Oborevwori added that, it was to defray arrears of unpaid certificates earned by contractors with respect to completion of some critical ongoing legacy projects awarded by the administration.
He explained that the fund will also be good for the administration to take advantage of the subsisting dry season to galvanise contractors towards completing and achieving significant milestone in ongoing project.
He said the request became necessary to secure bulk funds at minimal cost, pending complete receipts of the FGN bridging finance credits in May 2022.
“The state Executive Council (EXCO) at its first meeting, held on Thursday, January 20, 2022 , considered and approved that the state government obtain N12 billion facility from Zenith Bank Plc , against the expected FGN – CBN monthly inflows within the specified period”, he said.
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