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.
In a letter addressed to the President of the Senate, Godswill Akpabio, Tinubu sought approval for the issuance of the promissory note through the Debt Management Office (DMO) to cover the cost of the airport project.
The amount proposed for reimbursement is N100, 509, 017, 234.55, following a review of the project by the Bureau of Public Procurement (BPP).
Tinubu said the Federal Executive Council (FEC), at its second extraordinary meeting on May 23, 2023, approved the Federal Government’s takeover of the airport and the reimbursement of the construction cost through a promissory note programme.
“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 in the letter.
He also urged the lawmakers to expedite consideration of the request to facilitate the reimbursement process.
“While looking forward to the expeditious action on this submission, please accept, Distinguished Senate President, the assurances of my highest esteem,” Tinubu added.
Following the submission, the Senate referred the request to the relevant committee for further legislative consideration.
The proposed arrangement is intended to provide a formal mechanism for the Federal Government to settle its financial obligation to Yobe State over the construction of the airport, in line with the FEC’s earlier approval.
The reimbursement, however, remains subject to the Senate’s consideration and approval of the promissory note programme.
