DELTA State House of Assembly, on Wednesday, approved a N14.16 billion Federal Government loan facility for the state.
The approval, which was sequel to a letter to the speaker of the house by Governor Ifeanyi Okowa was approved at a plenary session presided over by the Deputy Speaker, Honourable Friday Ossai Osanebi who read the governor’s letter to members.
The facility is a Federal Government arrangement to support states in meeting their obligations at this critical period of the nation’s history.
In the letter, the governor said: “the facility is to enable the state government bridge some critical funding gaps in connection with the financing of infrastructural development projects.”
The governor said that the facility would attract an interest of nine per cent with a moratorium of one year for 10-year tenure.
According to the governor, Delta State has met the conditions for the offer adding that the disbursement plan will entail the release of three tranches of N1.39 billion over a period of three months to be followed by N1.11 billion over nine months .