Group Kicks, As Okowa Gets Assembly’s Nod For N120 Billion Loan

SFSLF vowed to use every available legal means to stop Okowa who is the vice presidential candidate of the Peoples Democratic Party (PDP) from accessing the loan which has already be approved by the state House of Assembly.

Delta State House of Assembly had on Thursday during plenary presided over by the Speaker, Sheriff Oborevwori, approved two separate loan requests of N100 billion and N20 billion respectively for the state government.

In his letter of request to the House, the governor said the N100 billion would be drawn from an earlier approved N150 billion Consolidated Syndicated Loan.

Okowa recalled that on April 26, 2022, the House approved for the state government to obtain N150 billion with Zenith Bank as the Lead Arranger.

He explained that with the change of the Lead Arranger from Zenith Bank to Premium Trust Bank, alongside other participating banks willing to accede to the pricing terms, Premium Trust Bank has insisted for House of Assembly resolution to enable it consummate the transaction in line with prudential guidelines and extant regulations.

The governor said consequent on the above, the State Executive Council at its meeting of Monday January 16, 2023, considered and approved for the state government to obtain N100 billion out of the N150 billion earlier approved Consolidated Syndicated Loan in line with the revised terms and conditions.

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In another letter to the House, Okowa sought for approval for N20 billion from Fidelity Bank to finance the Delta State Government additional investment of 3% Equity in UTM Offshore Limited Floating Liquefied Natural Gas (FLNG) project.

The requests were approved via a motion moved by the Majority Leader, Ferguson Onwo who restated the commitment of the House for good governance in the state.

But the SFSLF in a statement on Friday said it would mobilise Deltans to occupy Government House, Asaba to resist the move.

The group’s publicity secretary, Godfrey Reigha who issued the statement, said any attempt to mortgage the future of the state would not be allowed.

The statement also warned banks to reject the loan requests, alleging that the said loan will be used to prosecute Okowa’s vice presidential ambition in next month’s election.

The forum said unlike in the past where they took a passive posture when Okowa went on loan shopping, warning that they will not stand aloof and watch the outgoing governor plunge the state into  further debt trap.

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It called on Governor Okowa to recede the decision to procure fresh loans in the interest of Deltans and generation unborn who will bear the burden of paying back.