Delta Lawmakers Approve Oborevwori’s N40 Billion Loan Request

In it’s maiden plenary after inauguration of the 8th Assembly, the Delta State House of Assembly (DTHA), on Tuesday, 27th June, 2023, unanimously approved Governor Sheriff Oborevwori’s request of forty billion naira (N40,000,000,000.00) Credit facility offers by Zenith Bank PLC.

According to the lawmakers, the money is to be given to the Association of Local Governments of Nigeria (ALGON) Delta State Chapter to defray substantial part of outstanding retirement benefits to Local Governments Pensioners.

The approval was sequel to a letter from the state Governor addressed to the Lawmakers, and read on the floor of the House by the presiding Speaker, Rt. Hon. Guwor Emomotimi Dennis.

According to the letter, the Governor informed the House that his administration was collaborating with the State Chapter of ALGON to reduce the backlog of accumulated pension owed retired Primary School teachers and Local Government employees, which was anticipated to help alleviate the plight of senior citizens of the State who served and retired at the Local Government level.

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According to Governor Oborevwori’s request letter, “Zenith Bank Plc has availed the 25 Local Government Councils in the State the said facility in a prorated manner, in tune with their respective indebtedness to pensioners, for which offer letters have been served to all the LGAs by the Bank.”

Reasons given to the State Lawmakers by Governor Oborevwori for the facility include Special Reason conditions precedent as well as Global Standard Instruction (GSD) Mandate/Set-off Agreement, that they were expected to be met by the Obligor (the respective Local Governments) and relevant stakeholders, including an approval by the DTHA.

The motion for the approval was moved by the Majority Leader of the House and Member, Representing Aniocha North State Constituency, Hon. (Engr.) Emeka Nwaobi which was seconded by Hon. Perkins Umukoro, Member, Representing Sapele State Constituency.