President Bola Tinubu has formally requested the Senate’s approval for 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 Senate President Godswill Akpabio, the President sought legislative backing for the Debt Management Office to issue the promissory notes.
The request follows a Federal Executive Council decision at its second extraordinary meeting on 23 May 2023, which approved the federal takeover of the airport built by the Yobe State Government and compensation for its construction costs through the promissory note arrangement.
The Bureau of Public Procurement has completed its review of the project and recommended a reimbursement of N100,509,017,234.55.
Tinubu urged the Senate to consider and approve the establishment and issuance of the promissory note programme for that amount.
The request has been referred to the relevant Senate committee for further legislative action.
A similar request for approval of the same reimbursement has also been sent to the House of Representatives.
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