Months to the expiration of it's tenure, the Delta state government have put key assets of the state for sale. Governor Emmanuel Uduaghan who approved the sale of the state equities in two major companies said it is to shore up depleting revenue accruing from the Federal Government's monthly allocation.
The two state’s assets are identified as shares in Transcorp Ughelli Power Limited and Midwestern Oil and Gas Company Limited, this is coming after the state said it is finding it difficult to meet certain financial obligations. Uduaghan had recently disclosed that many projects in the state, including the controversial BRT project, were caught up in the financial challenges that the state was facing, main reason the jobs were stalled.
The State Commissioner for Information, Chike Ogeah, explained that the government was experiencing serious challenges with funding its various financial commitments. He ascribed the decision to “the steep decline in the price of crude oil which led to a huge drop in the statutory allocation the state receives from the Federal Government.” “Given the very significant decline in the resources available to the state government as a result of the low price of crude oil, the government decided to sell its shares in Transcorp Ughelli Power Limited and Midwestern Oil and Gas Company Limited.”