The House of Representatives has approved a ₦100.5 billion promissory note programme for the Yobe State Government. This approval is for the reimbursement of funds spent on the Muhammadu Buhari International Cargo Airport in Damaturu, which was taken over by the Federal Government. The approval came after the House Committee on Aids, Loans and Debt Management presented its report.
The committee, led by Chairman Abubakar Nalaraba, conducted thorough scrutiny of documents related to the airport project. They verified that due diligence was done before recommending the reimbursement. According to Nalaraba, the approved amount is ₦100,509,017,234.55, as claimed by the Yobe State Government and approved by the Federal Executive Council.
The Federal Ministry of Aviation inspected the completed airport and confirmed that the quality of work met the required standards for takeover by the Federal Government. The committee's report also stated that the state government had paid the contractors who executed the project. Additionally, the Bureau of Public Procurement confirmed compliance with due process in the project execution.
The committee's assessment included reviewing contract agreements, certificates of completion, payment records, and other supporting documents. They also considered submissions from relevant federal agencies and the Yobe State Government. This comprehensive review was crucial in recommending the reimbursement of funds to the state government.
President Bola Tinubu had requested the National Assembly's approval for the promissory note programme. The request was made pursuant to the Debt Management Office (Establishment) Act, 2003, and the Fiscal Responsibility Act, 2007. These laws provide for National Assembly approval of such arrangements, ensuring transparency and accountability in the management of public debt.
Promissory note programmes are used to settle outstanding Federal Government obligations, including reimbursements to state governments for projects executed on its behalf. The approval of this programme demonstrates the Federal Government's commitment to honouring its obligations to state governments. It also highlights the importance of collaboration between the federal and state governments in executing critical infrastructure projects.
The approval of the ₦100.5 billion promissory note programme is a significant development for the Yobe State Government. It will enable the state government to recover funds spent on the airport project, which is expected to boost economic activity in the region. The Muhammadu Buhari International Cargo Airport is a critical infrastructure project that will facilitate trade and commerce in the region.
Key points
- The House of Representatives approves ₦100.5bn promissory note for Yobe State Government.
- The approval is for reimbursement of funds spent on Muhammadu Buhari International Cargo Airport.
- The project was taken over by the Federal Government, and the promissory note programme is in line with the Debt Management Office (Establishment) Act, 2003, and the Fiscal Responsibility Act, 2007.
