The Delta State House of Assembly on Tuesday approved the request by Governor Ifeanyi Okowa for a N20 billion loan from Fidelity Bank Plc.
The governor’s request was contained in a letter read by the Speaker of the Assembly, Chief Sheriff Oborevwori, during the plenary in Asaba.
Okowa said the loan would be used to finance the state government’s five percent equity in the UTM offshore Limited Floating Liquified Natural Gas (FLNG) Project.
The project, according to him, is under the Central Bank of Nigeria (CBN) real sector support Find/Differentiated cash reserve requirement window.
The governor said: “The facility is in line with the state government’s intention to diversify its strategic portfolio by investing in a floating Liquified Natural Gas plant project.
”Delta is expected to invest in the project through a five percent share of the company.”
Okowa revealed that the facility would not only boost employment for the people of Delta but would also secure future cash flow for the state.
Consequently, the House Majority Leader, Mr. Ferguson Onwo, moved a motion for the approval of the governor’s request.
The motion was unanimously adopted by the House when put to a voice vote by the speaker.