President Bola Tinubu has formally requested the Senate to approve a N100.5 billion promissory note programme to reimburse the Yobe State Government for constructing the Muhammadu Buhari International Cargo Airport in Damaturu.
In a letter addressed to the President of the Senate, Tinubu sought legislative backing for the Debt Management Office (DMO) to establish and issue the promissory note programme. The specific sum requested stands at N100,509,017,234.55.
According to the communication, the Federal Executive Council (FEC) approved the Federal Government’s takeover of the airport and the subsequent project cost reimbursement during its second extraordinary meeting on May 23, 2023.
Additionally, the Bureau of Public Procurement (BPP) reviewed the project and cleared the recommended 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 wrote, urging the lawmakers to expedite their consideration.
Following the reading of the letter on the floor of the upper legislative chamber, the Senate referred the request to its relevant committee for further legislative scrutiny.
The final outcome of the legislative process will determine the implementation timeline for settling the financial commitment with Yobe State.
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