Home Economy Buhari seeks senate approval to issue N402bn Promissory Notes to exporters, states

Buhari seeks senate approval to issue N402bn Promissory Notes to exporters, states

by Business News Report

Muhammadu Buhari has  in two separate letters of requests, sought approval of the Senate for issuance of promissory notes totalling over N402 billion. Promissory notes are legal financial tool declared by a party, promising another party to pay the debt on a particular date. It is a written agreement signed by drawer with a promise to pay the money owed on a specific date or whenever demanded. The first of such requests read in plenary by President of the Senate, Ahmad Lawan was N375billion meant for settling outstanding claims owed various exporters. Other similar debts payment requests to be routed through Debt Management Office ( DMO ), are N6.706billion 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 .

President Buhari in another request as read in plenary by President of the Senate , Ahmad Lawan , also sought for approval of the Senate on  issuance of N18.623billion for Yobe State Government. The President in the letter , said payment of N18.623billion to Yobe State Government through the Debt Management Office , will help the state to offset all monies , expended on execution  of five different federal road projects in the state. The President in the separate letters , sought for expeditious consideration of the requests .

In another letter of request, President 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 read  in plenary by the Senate President, was necessitated by the death of Hassan Gambo who hitherto served in that capacity before his death

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