*** OKOWA SEEKS APPROVAL OF ASSEMBLY ON UBA RE-ISSUED OFFER LETTER OF N500 MILLION REVOLVING BANK GUARANTEE AND ISSUANCE OF CONDITIONAL IRREVOCABLE STANDING PAYMENT ORDER ( ISPO) IN FAVOUR OF UBA PLC.
*** GOVERNOR WANTS ASSEMBLY RESOLUTION VALIDATING THE BANK GUARANTEE OFFERED BY ZENITH BANK PLC IN RESPECT OF THE N250 MILLION FEDERAL GOVERNMENT SHARE OF THE COUNTERPART FUNDS FOR THE 2018 SDGs -CGS PROJECTS IN DELTA STATE
The State Governor Senator Ifeanyi Okowa has proposed an upward review of the 2019 approved budget to four hundred and seventeen billion, nine hundred and twenty seven million naira .
The Governor’s proposal was contained in a letter forwarded to the State House of Assembly and read by the Speaker, Rt Hon Sheriff Oborevwori at Tuesday’s plenary .
According to governor the proposal for the review was informed by the performance of the approved 2019 budget and improved revenue to the state.
He said the review is intended to adjust and realign the budgetary provisions of the 2019 budget to accommodate commitments, priority projects and programmes of government which were not adequately provided for.
The Governor said the review of four hundred and seventeen billion, nine hundred and twenty seven million naira is made up of one hundred and sixty nine billion seven hundred and thirty eight million naira for recurrent expenditure and two hundred and forty eight billion, one hundred and eighty nine million naira for capital expenditure.
The Majority Leader, Honourable Tim Owhefere moved a motion for the House to receive the letter from the governor and was seconded by Honourable Festus Okoh.
The House has slated the second reading of the bill to Wednesday October 23,2019 after the Speaker said the bill had been read the first time in line with the rule of the House.
Also at plenary the House approved the request of the State Governor, Senator Ifeanyi Okowa for approval for Delta State to accept United Bank for Africa PLC’s Re-Issued Offer of Five hundred million naira Revolving Bank Guarantee and Issuance of Conditional Irrevocable Standing Payment Order ISPO in favour of UBA PLC.
The Governor’s request was contained in a letter he sent to the House and read by the Speaker, Rt Hon Sheriff Oborevwori.
According to the letter,Governor Okowa noted that the State Executive Council at its 5th meeting which was held on February 27,2018 approved that the state should secure six hundred million naira revolving bank guarantee in favour of Lafarge Hole in Africa PLC from a distance class deposit money bank to facilitate the proposed construction of ten thousand housing units for civil servants in Illah, Oshimili North.
He said the bank has offered a bank guarantee which the state duly accepted .
The House approved the request following a motion by the Majority Leader, Honourable Tim Owhefere seconded by the Deputy Majority Leader, Honourable Oboro Preyor.
The House also approved the request of the governor for the House resolution validating the bank guarantee offered by Zenith Bank PLC in respect of the two hundred million naira Federal Government share of the counterpart funds for the 2018 SDG’s and CGS projects in the state.
The Speaker who read the latter conveying the request of the governor said the office of the Senior Special Assistant to the President on Sustainable Development Goals has called for the submission of application to commence the 2018 Conditional Grants Scheme to states .
He said the Sustainable Development Goals Conditional grants scheme is a programme in which states and local government are availed the opportunity to access funds annually from the federal government in a clearly designed conditional partnership agreement whereby state governments contribute equal amounts for the execution of projects in line with the objectives of the SDG’s
After the letter was read the Majority Leader Honourable Tim Owhefere moved a motion for the House to receive the letter for further consideration and was seconded by the Minority Leader Honourable Innocent Anidi .
The request was approved following a motion by the Majority Leader Honourable Tim Owhefere seconded by Honourable Austin Chikezie and adopted
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