Buhari seeks Senate approval for N402bn promissory notes | TrendyNewsReporters
Finance

Buhari seeks Senate approval for N402bn promissory notes

The President, Major General Muhammadu Buhari (Retd.), in separate letters to the Senate, sought approval for the issuance of promissory notes totaling over N402bn to three states.

The first of such requests read in plenary by President of the Senate, Ahmad Lawan, was N375bn meant for settling outstanding claims owed various exporters for the Export Expansion Scheme.

Other similar debt payment requests to be routed through Debt Management Offices were N6.706bn for the Kebbi State Government on the construction of federal roads and N2.706b for the Taraba State Government for constructing federal roads as well.

President Buhari, in another request as read in plenary by President of the Senate, Ahmad Lawan, also sought the approval of the Senate on the issuance of N18.623b for the Kebbi State

The President, in the letter, said payment of N18.623b to the Yobe State Government, through the Debt Management Office would help the state to offset all monies, expended on the execution of five different federal road projects in the state.

The President, in the separate letters, sought expeditious consideration of the requests.

In another letter of request, Buhari sought confirmation of the appointment of Mohamed Lamido as Executive Commissioner, Finance and Accounts of the Board of Upstream Regulatory Commission.

Lamido’s appointment, as explained by the President in the letter read in plenary by the Senate President, was necessitated by the death of Hassan Gambo who hitherto served in that capacity before his death.

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