The Delta State House of Assembly has approved the request from the Governor for approval for Delta State to Issue a Contingent but Irrevocable Standing Payment Order (ISPO) in respect of the Warri/ Effurun Water Supply Improvement Project.
The approval followed the consideration of a letter sent to the House by the State Governor,Senator Ifeanyi Okowa and read by the Speaker, Rt. Hon Sheriff Oborevwori, on Thursday at plenary session.
According to the letter, the Governor said the state executive council at its 19th meeting which held on the 14th November, 2017 approved the sum of Four Billion, Five Hundred and Forty Nine Million Naira performance guarantee by Fidelity Bank on behalf of the state government and for the Delta State government to enter a Federal Government Support Agreement in respect of the Warri/ Effurun Water Development Project Concession.
He said the agreement essentially involved the state government granting an Irrevocable Standing Payment Order through the Federal Ministry of Finance to cover the termination amount pursuant to clause Thirty One of the concession agreement among others.
The House approved the request of the governor following a motion by the Deputy Majority Hon Oboro Preyor seconded by Hon Efe Ofobruku and adopted.