Niger Delta
Delta Assembly Approves State Govt’s N3b Loan
Delta State House of Assembly has approved the request of Governor Ifeanyi Okowa for N3 billion short-term loan facility for the financing of priority road projects in the state.
The House at plenary presided over by the Speaker, Chief Sheriff Oborevwori in Asaba, also approved Okowa’s request to guarantee a credit facility to be obtained by the Delta Line Transport Services Limited.
The approval of the request, which was contained in a letter read by the speaker during the plenary, followed a resolution passed by the Assembly.
According to Okowa, there is urgent need for the state government to support some of its road’s contractors in accessing financing to aid accelerated execution of critical projects before the onset of the rainy season.
“The request has become expedient considering the almost N3 billion drop in federation accounts receipt in January 2019 when compared to December 2018 which had hindered planned disbursement to the contractors.
“Most of the contractors are already on site and have generated payment certificate for works already executed which are yet to be defrayed,” he said.
Okowa said that the funds were required to make progress in the relevant project execution, adding that the state executive council at its meeting of February 5, 2019 considered and approved that the state government should support certain contractors for the state’s critical priority projects.
Okowa said: “In obtaining the short-term loan facility amounting to N3 billion only from Zenith Bank with the state government bearing the cost associated with the facility as requested by the contractors.”
The Majority Leader, Mr Tim Owhefere thereafter moved separate motions for the House to receive the governor’s request for further consideration and approval.
The motion, which was adopted through a voice vote by the Assembly, was seconded by Mr Emeka Nwaobi, representing Aniocha North constituency in the state House of Assembly.
Also, the Assembly approved Okowa’s request to guarantee credit facility to be obtained by the Delta Line Transport Service Limited.
The request was also contained in a letter read by the speaker during plenary.
Okowa said that the loan was in a bid to revamp the ailing Delta transport service which had over the years relied on continuous assistance from the state government to meet salaries and other recurrent expenditure obligations as well as capital expenditure despite being a business that should generate revenue.
He said that the State government sold 60 per cent equity of the Delta Line to God is Good Motors Transport Development Company by way of a public private partnership arrangement with the state government retaining 40 per cent equity in the company.
The governor said that sequel to the sale which involved defrayment of outstanding commitments including salaries arrears, the new management of Delta Line submitted a five year business plan, among other things.
News
China Alerts Rivers, A’Ibom, Abia Govs To Economic Triangle
The Mayor of Housing, My-ACE China, has alerted the Governor of Rivers, Akwa Ibom, and Abia states to what he calls an emerging ‘Economic Triangle’ within their states.
Mr China, a real estate success strategist who has won numerous local and international awards, has thus drawn the attention of the governors of the concerned states to the emerging development and has urged them to intentionally accelerate the emergence of the economic triangle.
Speaking to newsmen in Uyo, Akwa Ibom State capital at the conclusion of his business trip to the state, Mr China, who is the managing director of the Housing and Construction Mayor Limited, said the envisaged economic corridor would compete favourably with the Lagos economic hub or even better.
He said: “Talking about ‘Economic Triangle’, the only place that can wrest economic power from Lagos is Akwa Ibom, Abia, and Rivers states axis or corridor. This corridor contains more than Lagos has, if they can be interconnected with smooth roads, ports, and if their blue potentials are unlocked. They will not only wrest power from Lagos but would be more lucrative.”
The investor who is behind the emerging Alesa Highlands Green Smart City in Eleme, near Port Harcourt, said the new ‘Economic Triangle’ has a bigger potential due to massive land assets with the corridor plus blue economy and the existing hydrocarbon industry.
Explaining, Mayor of Housing said Aba (Abia State) provides the biggest fabrication capacity in West Africa to supply goods to the Gulf of Guinea; Port Harcourt provides access to the Gulf of Guinea for off-taking Aba products, and the Uyo provides deep sea port at Ibaka and international airport facilities as well as forest reserves for massive agro-economy.
He said with sea ports in Rivers State and deep seaport in Akwa Ibom, and international airports in Rivers and Akwa Ibom, Aba can focus on adequate power supply and fabrication boom to supply a new booming market around the economic triangle.
By doing this, he said, jobs would spill out in huge quantities and more manufacturers would be drawn from all over Africa to boost the fast coming African Continental Free Trade Agreement (AfCFTA). He said Nigeria would thus have two major trade nodes in West Africa; Lagos and the PH/UYO/Aba triangle.
He said goods going to or coming from Chad, Niger, and the rest of Central Africa can head to the Lagos ports or to the Ibaka/PH ports zone in the new economic triangle.
He said with power supply made stable, good roads, excellent security system, and ease of doing business enthroned in the zone, the South-South and South East would become the biggest economic nerve in the near future.
Mayor of Housing called on governors of the three states to be intentional about the new corridor, put away political differences (if any), and create this corridor by agreeing on projects each state would execute with a short period of time so the states would be linked by good roads, communication, security, trade laws, concessions to investors, etc.
He remarked that northerners were already heading to the Onne Port in Rivers State to export goods, saying creating a commission to oversee the development of the ‘Economic Triangle’ would fast-track its emergence.
He observed that people of the three states are peaceful and usually preoccupied with zeal for economic prosperity, saying that if they are linked to such huge opportunities staring at them in the emerging economic triangle, they would totally shun violence and focus on prosperity.
Mr China insisted that the emerging economic triangle would form a big node not only into the Gulf of Guinea economic zone but into Africa because AfCFTA is about production, certification, market availability, and easy transport nodes by sea and air. He said the new economic triangle boasts of all the factors.
“They can only realise this by working together, through collaboration. One state cannot do it but a triangle of the three will create it through seamless interconnection, ports, industrial park, etc. The people will be the richest and internally generated revenue (IGR) will be the biggest in the country,” he said.
Niger Delta
Bayelsa’s Aircraft Makes Inaugural Flight…As Lawmakers, Oil Minister, NDDC’S MD Hail Diri
Niger Delta
Traditional Ruler Seeks End To Benin Artifacts Unauthorized Promotion
-
Niger Delta5 days agoBayelsa’s Aircraft Makes Inaugural Flight…As Lawmakers, Oil Minister, NDDC’S MD Hail Diri
-
Featured1 day agoOil & Gas: Rivers Remains The Best Investment Destination – Fubara
-
Nation2 days agoOgoni Power Project: HYPREP Moves To Boost Capacity Of Personnel
-
Nation2 days ago
Hausa Community Lauds Council Boss Over Free Medical Outreach
-
Nation2 days ago
Association Hails Rivers LG Chairmen, Urges Expansion Of Dev Projects
-
Nation2 days ago
Film Festival: Don, Others Urge Govt To Partner RIFF
-
Rivers2 days ago
UNIPORT Moves To Tackle Insecurity … Inducts Security Experts
-
News1 day agoNDLEA Arrests Two, Intercepts Illicit Drugs Packaged As Christmas Cookies
