President Bola Tinubu has written to the Senate, asking for approval of a N100.5 billion promissory note programme to reimburse the Yobe State Government for the cost of the Muhammadu Buhari International Cargo Airport in Damaturu.
In the request, the Senate has been urged to consider approving the 70th Promissory Notes Programme, which is meant to reimburse the Yobe State Government for the federal takeover of the airport.
In a letter addressed to the President of the Senate, Senator Godswill Akpabio, Tinubu sought legislative approval for the establishment and issuance of the programme through the Debt Management Office (DMO). He said the Federal Executive Council (FEC), at its second extraordinary meeting held on May 23, 2023, approved the takeover of the airport, which was constructed by the Yobe State Government, and the reimbursement of the project cost through a promissory note programme.
The letter was read on Tuesday by Akpabio. It disclosed that the Bureau of Public Procurement (BPP) has completed its review of the project and recommended N100,509,017,234.55 for reimbursement to the state government.
Tinubu said, “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 also appealed to the lawmakers to speed up consideration of the request.
“While looking forward to the expeditious action on this submission, please accept, Distinguished Senate President, the assurances of my highest esteem,” the letter read.
The request was subsequently referred to the Senate Committee on Local and Foreign Debts, with a directive that the committee report back to the Senate within one month.
If approved, the proposed programme would give the Federal Government a mechanism to reimburse Yobe State for the airport project, in line with the arrangement approved by the Federal Executive Council.
The Senate’s decision will determine the next step in the proposed reimbursement process.
