The House of Representatives yesterday approved the issuance of promissory notes worth N148.141 billion to Bayelsa, Cross River, Ondo, Osun and Rivers states as refund for federal road projects executed in these states on behalf of the federal government.
President Muhammadu Buhari had in a letter dated August 13, 2020, sought the approval of the National Assembly for the refund.
While Bayelsa State will receive N38,404,564,783.40; Cross River will get N18,394,732,608.85; Ondo, N7,822, 147,577.08; Osun, N4,567,456 673.63; and Rivers, N78,953,067,518.29.
The approval followed the consideration and adoption of the report by the Committee on Aids, Loans and Debt Management.
Laying the report, Chairman of the Committee, Hon. Ahmed Safana Dayyabu said, "that the House do consider the Report of the Committee on Aids, Loans and Debts Management on the Promissory Notes Programme and Bond Issuance as refund to Rivers, Bayelsa, Cross River, Osun and Ondo States Government for projects executed on behalf of the Federal Government and approve the recommendations therein."
"Approve the Promissory Notes Programme and Bond Issuance to settle outstanding claims and liabilities of five (5) State Governments in the sum of One Hundred and Forty-Eight Billion, One Hundred Forty-One Million, Nine Hundred and Sixty-Nine Thousand, One Hundred and Sixty-One Naira, Twenty-Four Kobo only (N148, 141, 969, 161. 24) based on the claims by each State as follows, Bayelsa State N38, 404, 564, 783. 40; Cross River State,N18, 394, 732, 608.85; Ondo State, N7, 822, 147, 577. 08
Osun State N4, 567, 456, 673. 63; Rivers State, N78, 953, 067, 518, .29."
Dayyabu said that the report captured the commitment of the federal government through the issuance of promissory notes and bonds to the above-listed state governments for the reimbursement of funds expended by them for projects executed on behalf of the Federal government.
The House adopted the report following a motion for the adoption moved by Hon. Alhassan Ado-Doguwa and seconded by Hon. Ndudi Elumelu.