The Delta House of Assembly on Tuesday approved a request by Gov. Ifeanyi Okowa to take a N25 billion bank facility for oil palm production.
The governor’s request is contained in a letter read at a plenary session by the Speaker, Chief Sherriff Oborevwori.
Okowa said that the credit facility to be taken at the First City Monument Bank Plc. would go for the development of 17,345.5 hectares of palm plantation.
It is designed to take advantage of CBN’s oil palm development initiative.
Motion for the approval of the governor’s request was moved by the Majority leader of the House, Chief Ferguson Onwo, and seconded by the Minority Leader of the Assembly, Mr Innocent Anidi.