Wednesday, 21 September 2022 06:36

Buhari seeks Senate’s approval to borrow fresh N402bn

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President Muhammadu Buhari has asked for Senate approval for the issuance of promissory notes totalling over N402 billion.

The first of such requests read in plenary by Senate President, Ahmad Lawan, was N375 billion meant for settlement of outstanding claims owed various exporters.

Other similar debts payment requests to be routed through Debt Management Office (DMO) are N6.706 billion for Kebbi State Government on construction of federal road in the state and N2.706 billion for Taraba State Government for constructing federal roads as well. Buhari in another request also sought approval of the Senate on issuance of N18.623 billion for Kebbi State Government.

The president in the letter said payment of N18.623 billion to Yobe State Government through the Debt Management Office would help the state offset all monies expended on execution of five different federal road projects in the state.

In the separate letters, he sought for expeditious consideration of the requests.

In another letter of request, Buhari sought for confirmation of appointment of Mohamed Sabo Lamido as Executive Commissioner, Finance and Accounts of the Board of Upstream Regulatory Commission.

Lamido’s appointment as explained by the president in the letter was necessitated by the death of Hassan Gambo who served in that capacity before his death.