President Bola Tinubu has asked the Senate to approve a N100.5 billion promissory note programme to reimburse the Yobe State Government for the construction of the Muhammadu Buhari International Cargo Airport in Damaturu.
The request seeks legislative approval for the establishment and issuance of the 70th Promissory Notes Programme through the Debt Management Office (DMO), which would enable the Federal Government to repay the state for the airport project.
In a letter addressed to Senate President Godswill Akpabio, Tinubu explained that the Federal Executive Council (FEC), at its second extraordinary meeting held on May 23, 2023, approved the federal takeover of the airport, which was constructed by the Yobe State Government, and the reimbursement of its cost through a promissory note programme.
The letter was read before the Senate by Akpabio on Tuesday.
According to the President, the Bureau of Public Procurement (BPP) has completed its review of the project and recommended N100,509,017,234.55 as the amount to be reimbursed to the Yobe State Government.
Tinubu urged lawmakers to approve the proposed programme, which would allow the DMO to issue promissory notes for the specified amount.
“In the light of the foregoing, I urge the Senate to consider and approve the establishment and issuance by the Debt Management Office of a promissory note programme in the sum of N100,509,017,234.55,” the President stated.
He also appealed to the lawmakers to consider the request promptly, expressing his expectation that the Senate would take swift action on the submission.
“While looking forward to the expeditious action on this submission, please accept, Distinguished Senate President, the assurances of my highest esteem,” the letter read.
Following the presentation of the request, the Senate referred it to the Senate Committee on Local and Foreign Debts for further legislative consideration.
The committee was directed to examine the proposal and report back to the Senate within one month.
If approved, the programme would provide the mechanism for the Federal Government to reimburse Yobe State for the airport’s construction costs, in line with the arrangement previously approved by the Federal Executive Council.
The Senate’s decision will determine the next stage of the proposed reimbursement process.
