By Augustine Akanigha
ASABA/Nigeria: Delta State House of Assembly ( DTHA) has approved N12 Billion Bridging Finance facility from Zenith Bank PLC for the state government (DTSG) during plenary session in the hollow chambers of the House in Asaba, the state capital.
Moving the motion for the approval was the Majority Leader of the House, Hon. Chief Ferguson Onwo, and seconded by the Minority Leader, Hon. Anidi Innocent Emosivwe.
The approval was sequel to a letter from the state governor, Senator (Dr) Ifeanyi Okowa, through the Speaker, Rt. Hon. Sheriff Oborevwori, informing the lawmakers that the state was expecting inflow bridging finance credit from the Federal Government of Nigeria (FGN) through the Central Bank of Nigeria (CBN) to cushion the effect of resumption of repayment of the Federal Government Intervention facilities on expiration of the forbearance period.
According to the letter, the governor stated that the bridging finance sum was to be received in Six equal consecutive monthly installments of N3, 037, 556, 017.28, adding that, it was to defray arrears of unpaid certificates earned by contractors with respect to completion of some critical on-going legacy projects awarded by the administration, which 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 on- going project.
The governor equally stated in his letter that it became necessary to secure bulk funds at minimal cost, pending complete receipts of the FGN bridging finance credits in May 2022.
He added that 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.
In a related development, the state governor has forwarded three crucial bills geared towards the development of the state transport system, the Delta State Property Authority laws, and the Delta State Waterways Tax System.
The bills were a bill for a law providing for the collection and processing of data of persons commuting in Public/ Commercial transport within, into and out of Delta State, using the National Transport Management System ( NTMS) protocol, and for other connected purpose; a bill for a law to repeal the Delta Development and Property Authority laws, 1960, and Re-enact the Delta Development and Property Authority law to exercise the functions of Property Development Authorities Planning and of Housing Corporation and purpose connected therewith and a bill for a law to repeal and Re-enact the waterways Tax control and Licensing of Boats law and for other matters connected therewith.
