LOAN FOR AGRICULTURE: DELTA ASSEMBLY APPROVES OVER ONE BILLION NAIRA TO FINANCE AGRICULTURAL PROJECTS
**** ANOTHER FOR EXECUTION OF EDUCATIONAL PROJECTS
The Delta State House of Assembly has approved and authorized the State Government to obtain a loan in the sum of One Billion, Two Hundred and Fifty Million Naira ( #1,250,000,000 ) to finance agricultural projects and programmes in the State.
The approval followed a request by the State Governor, Senator Ifeanyi Okowa in a letter to the House, read at plenary on Tuesday, August 7, 2018 by the Speaker, Rt Hon Sheriff Oborevwori.
Governor Okowa in the letter informed the House of the Federal Government
Commercial Agriculture Credit Scheme (CACS) through the Central Bank of Nigeria (CBN), adding that the Credit Scheme is expected to provide credit facilities and deepen access to finance agricultural projects and programmes and Zenith Bank PLC, one of the Banks selected to provide the credit facility, has offered a #1,250,000,000 (One Billion, Two Hundred and Fifty Million Naira) credit facility under the Scheme to finance agricultural projects and programmes in the state.
Governor Okowa said that the purpose of the letter, is to request the House to, by way of resolution, approve the acceptance of Zenith Bank Plc’s offer of credit in the sum of One Billion, Two Hundred and Fifty Million Naira ( #1,250,000,000.00) only on stated terms to enable the State access the Central Bank of Nigeria (CBN) Commercial Agriculture Credit Scheme ( CACS).
Also at plenary, the Speaker read out another letter from Governor Okowa, seeking the approval of #1,250,000,000 ( One Billion, Two Hundred and Fifty Million Naira) loan facility from Sterling Bank Plc to enable the State Government fund the Counterpart Contribution required to access the Federal Government’s Universal Basic Education Fund earmarked for the Execution of Educational projects.
The requests were approved following a voice vote by the Speaker.