The Delta House of Assembly, on Wednesday approved Gov. Ifeanyi Okowa’s request of N14 billion for a Shareholders agreement between the state and Adventium Global Delta Consortium Limited towards improved funding for Songhai Delta Farms, Amukpe.
The request was contained in a letter read during plenary of the Assembly in Asaba, by the Speaker of the state House of Assembly, Chief Sherriff Oborevwori.
According to Okowa, the arrangement is expected to inject in excess of N14 billion into the Songhai Delta Farms, Amukpe.
He said that the arrangements would ensure that the facility was runned by means of special purpose vehicle.
The governor explained that this was part of the efforts by the state to leverage on the Public-Private Partnership (PPP) model of securing funding for the development of critical state assets/infrastructure.
He also said that the initiative would help to provide jobs for the teeming youths in the state, adding that the tate has entered into a 30-year arrangements with the Company-Adventium Global Delta Consortium Limited.
Consequently, the Majority Leader of the Assembly, Chief Ferguson Onwo moved a motion for the Assembly to approve the governor’s request.
The motion which was unanimously adopted by the House when put to a voice vote by the speaker, was seconded by the member representing Ndokwa West Constituency in the state Assembly, Mr Charles Emetulu.
Also, the House approved a request by the governor, seeking an amendment to the take-off month for the already approved N20 billion credit facility from Fidelity Bank PLC.
The facility would be used to finance the State Government’s Investment of five per cent equity in UTM offshore Limiteds Floating Liquiefied Natural Gas FLNG Project under the Central Bank of Nigeria CBN real sector support Fund/differentiated cash reserve requirement window.
The Assembly had earlier approved the take-off month from March this year, but has been adjusted to April, this year.
Okowa said that other conditions remained unchanged and appealed to the House to graciously approve the change in the take off month for the credit facility.
The motion for the approval was also moved by the Majority leader of the House.
The motion which was unanimously adopted by the House following a voice vote by the speaker, was seconded by the member representing Warri South West Constituency, Mr Dennis Guwor.