From right Mr.Charles Aniagwu Commissioner of Information, Chief Fidelis Telijie Commissioner of finance Delta State and Mr.Olise Ifejika CPS to Governor Okowa During press briefing on loans taking by Delta State Government to Complete Projects in the State Photo Nath Onojake

…says N20 billion facility for gas project
…receives N4.9 billion refund from FG

By Festus Ahon, ASABA

AGAINST rumour making the rounds that Governor Ifeanyi Okowa of Delta State has secured two separate loans of N100 billion and N20 billion, the State Government, Monday, denied seeking fresh loans from commercial banks.

The State Commissioner for Financial, Mr Fidelis Tilije, who disclosed this in Asaba, while addressing newsmen, explained that there was already an existing N100 billion discounting facility approved by the State House of Assembly which it was accessed to fund projects.

Tilije said the N100 billion was not a fresh loan but an existing discounting facility, adding that the state government only went to the House to get the lawmakers’ approval to change the lead agent.

The Finance Commissioner who was fanked by the State Commissioner for Information, Mr Charles Aniagwu and the Chief Press Secretary to Governor Okowa, Olisa Ifeajika, disclosed that the lead agent was not moving fast as they desired as at when the facility was initiated.

He held that the projects the funds would deployed to had been stated previously when the first tranche of N30 billion from the N100 billion facility was discounted.

Tilije said: “It is that same N100 billion discounting facility that we had to go to the House of Assembly again last week because we found out that the lead agent of that same N100 billion facility was not moving as fast as we would have wanted.

“What we did last week, was to go back, in the same spirit of transparency and accountability, to seek their consent to enable us change the lead bank for the discounting facility.

“That is all that we did. It is not a new loan, it is not a new discounting facility, it is not a new bridging finance, not at all, it is still the same N100 billion that we have been speaking about since then till now.

“All we did was to change the lead bank to another lead, that is the reason why we had to go to the House”

Speaking further, he said the state has received another quarterly tranche of N4.9 billion as refunds from the Federal Government on the accrued N240 billion, bringing the total refunds so far to N19.6 billion in four instalments.

He, however, explained that the N20 billion loan would be invested in a gas project in Warri, adding that it would yield dividends in the long run for the state.

On his part, Mr. Charles Aniagwu said the N20 billion was an equity contribution of the State Government to the gas project, saying that apart from getting profits from the equity contribution, the project would generate jobs for the people of the state.

The post Delta Govt denies seeking fresh N100 billion loan appeared first on Vanguard News.

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