Delta Headline Local News Nigeria

₦150b loan not linked to 2023 election- Delta govt

Delta State Governor, Ifeanyi Okowa.

Delta State government says the ₦150 billion loan facility it sought the approval of the State House of Assembly for, has nothing to do with the 2023 general elections.

State Commissioner for Information, Charles Aniagwu told newsmen in Asaba that the loan was to complete ongoing projects, pay pension arrears and settle debts owed by the state.

Meanwhile, the State Commissioner for Finance, Fidelis Tilije said the state was expecting the payment of ₦257 billion from the federal government as accruals from 13% oil derivatives.

He said oil producing states in the country were shortchanged in the oil derivatives due them since 2010.

The Delta State Commissioner for Finance said the ₦150 billion loan facility requested by the state would be repaid with part of the accruals from the oil derivatives expected to be paid in tranches from June this year.

Reporting by Sam Erhunmwunsee; editing by Muzha Kucha