Delta state government explains that the N150billion being sourced is to enable the government to bridge finance facility to offset the costs of the completion of some on-going legacy projects awarded by the past and present administrations.
The state Commissioner for Finance Fidelis Tilije who gave this explanation while briefing journalists in Asaba with the Commissioner for Information Charles Aniagwu, the money would equally cater for the outstanding pension commitments to the state and Local government pensioners in Delta state.
Aniagwu in his opening remarks said the N150billion request should not be referred to as loan but a discounting receivables from the Federal Government for Petroleum Subsidy Payments made without recourse to the 13% derivation meant for Oil Producing Communities from 2010 till date
According to the commissioner since the Federal government has promised to pay the money in tranches and on quarterly basis, the state government took the decision knowing that prices of goods and services are no longer stable
Tilije explained that the Okowa administration has so far reduced the N150billion debt profile it inherited from previous government to N72billion and the state has moved from its initial 4th position to be the 1st in oil production due to prevailing peace in the state.
Some of the benefiting legacy projects include in the state include the Orere bridge, Ode-Itsekiri Bridges and roads, Koka flyover and interchange, Bridge across River Ethiope at Obiaruku, the Ughelli-Asaba Road, Flood control in Effurun and Warri, Owa-Alero drainage channels and projects being executed in the three new universities.
Editor : Ena Agbanoma
