By Festus Ahon
ASABA—DELTA State House of Assembly has approved a N1.250 billion credit facility from Zenith Bank Plc, to enable the state participate in the Commercial Agriculture Credit Scheme, CACS, of the Central Bank of Nigeria, CBN.
It also approved the government’s request for a loan facility of N1.250 billion from Sterling Bank Plc to enable it fund its counterpart contribution to access the Federal Government’s Universal Basic Education Fund.
The requests for the loan facilities made by the state governor, Senator Ifeanyi Okowa, were approved at Tuesday plenary after the two letters for the two loans from the governor were read by the Speaker of the state House of Assembly, Mr. Sheriff Oborevwori.
In the letter for agricultural credit scheme, Okowa, said that the loan period is spread over 15 months equal and consecutive monthly repayment of N88,420 million, covering principal and interest to be secured at source by the Accountant General of the Federal as first line charge against Delta State Government’s Statutory Allocation, FAAC, Account in favour of Zenith Bank Plc.