President Bola Tinubu has written the Senate, seeking approval of a N100.5 billion promissory note programme to reimburse the Yobe State Government for the construction cost of the Muhammadu Buhari International Cargo Airport in Damaturu.
With the request, the Senate has been urged to consider a request for approval of the 70th Promissory Notes Programme for the reimbursement of the Yobe State Government for the takeover of the Muhammadu Buhari International Cargo Airport in Damaturu.
Tinubu, in a Tuesday letter addressed to the President of the Senate, Senator Godswill Akpabio, sought legislative approval for the establishment and issuance of the promissory note programme through the Debt Management Office (DMO).
He said that the Federal Executive Council (FEC), at its second extraordinary meeting held on May 23, 2023, approved the takeover of the airport, constructed by the Yobe State Government, and the reimbursement of the project cost through a promissory note programme.
According to the letter, 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 expedite 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.
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The request was subsequently referred to the relevant Senate committee for further legislative consideration.
If approved, the proposed programme would provide a mechanism for the Federal Government 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.
The request was referred to the Senate Committee on Local and Foreign Debts, with a directive to report back to the Senate within one month.
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