We must prevent Nigeria’s Economy from going into recession — Buhari…Rivers State has the highest amount of N78.9 billion, followed by Bayelsa State with N N38.4b.

By Henry Umoru

PRESIDENT Muhammadu Buhari has written to the Senate, seeking approval of the reimbursement of N148.14 billion through the issuance of promissory notes to five state governments for federal road projects executed by the states.

President Buhari’s letter was read yesterday by the President of the Senate, Senator Ahmad Lawan during plenary on resumption after 67 days recess by the Senators.

According to the letter, the refund would be carried out in form of promissory note payable to five states for the rehabilitation of Federal Highways in the country.

A breakdown shows that of the said amount, Rivers State will collect the highest amount of N78.9 billion; followed by Bayelsa State with N N38.4b.

Other beneficiaries include Cross River to get N18.3billion; Ondo State has N7.8 to collect and Osun State with N4.5billion.

The letter is entitled “Request for Resolution of the National Assembly for Approval of the Reimbursement of N148.14 Billion through the Issuance of Promissory Notes to Bayelsa, Cross River, Ondo, Osun and Rivers State Governments for Federal Road Projects Executed by the States.”

The letter reads: The Senate may wish to be informed that the Federal Executive Council at its meeting of June 3, 2020, approved the reimbursement of N148.14 billion through the issuance of promissory notes to Bayelsa, Cross River, Ondo, Osun and Rivers states government for the federal road road projects executed by the states.

“The approval by FEC was subsequent to the recommendation by an inter-ministerial  committee which reviewed the request for reimbursement made by the state governments for the projects.

“The committee reviewed the documents submitted and carried out fiscal inspection and verification of the projects in the respective states before making its recommendation to FEC.

“The summary of the amount approved for each of the five states is stated in the table below.

“Bayelsa, N38, 404, 564, 783.40; Cross Rivers, N18, 394, 732, 608.85; Ondo, N7, 822, 147, 577.8; Osun, N4, 567, 456, 673.63; Rivers, N78, 953, 67, 518.29.

“In view of the foregoing, I wish to request the Senate to kindly approve through its resolution, the request for the reimbursement of  the total sum of N148, 141, 969, 161.24 through the issuance of promissory notes to the five aforementioned state governments for the federal road projects executed on behalf of the Federal Government as detailed in paragraph two above.”

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The letter further reads: “The Honorable Minister of finance, budget and national planning shall provide any information that may be required by national assembly in its consideration of this request.

“While looking forward to the expeditious consideration and approval of the Senate, please accept Distinguished Senate President, the assurances of my highest consideration.”

Also, the President of the Senate read a letter from President Buhari, transmitting to the upper chamber for consideration and passage, the Petroleum Industry Bill (PIB).

The letter read, “Dear Distinguished Senate President, transmission of the Petroleum Industry Bill 2020 for consideration and passage into law.

“Pursuant to section 58 of the Constitution of the Federal Republic of Nigeria 1999 as amended, I formally request the consideration and passage into law by the Senate the Petroleum Industry Bill 2020.

“In particular, the Senate may wish to note that this Bill combines in a single trough, aspects of significant reforms to the laws governing the Nigerian petroleum industry that were previously set out in two distinct draft legislations.

“They are the Petroleum Industry Bill 2020, and the Petroleum Industry Fiscal Bill 2020; while I trust that the Senate, in their usual expeditious manner, favourably consider the passage of this Bill into law.”

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