President Muhammadu Buhari has made a move to pay the sum of N148,141,969,161.24, as promissory notes to five states for Federal Road projects they executed in their States. The states are: Bayelsa, Cross River, Ondo, Osun and Rivers.
The President, in a letter to the Senate today, September 29 and dated August, 13, 2020, which was read by the Senate President, Ahmad Lawan, during plenary today, September 29, reads: “The Senate May wish to be informed that the Federal Executive Council (FEC), at its meeting of June 3, 2020 approved the reimbursement of N148,141,969,161.24 through the issuance of Promissory notes to the Bayelsa, Cross River, Ondo, Osun and Rivers State Governments for Federal Road Projects executed by the states.
“The approval by FEC was subsequent to the recommendation of an Inter-Ministerial Committee which reviewed the requests for reimbursement made by the State Governments for the projects. The Committee reviewed the documents submitted and carried out physical inspection and verification of the projects in the respective states before making its recommendation to FEC.”
Out of the sum of N148,141,969,161.24, Bayelsa State is expected to be reimbursed N38,404,564,783.40; Cross River State, N18,394,732,608.85; Ondo, N7,822,147,577.08; Osun State, N4,567,456,673.63; and Rivers State, N78,953,067,518.29.