The Nigerian Senate has approved promissory notes and bond issuance of N10.069 billion to Kogi State as refund for projects executed on behalf of the federal government.
The approval was a sequel to the adoption of the report of the Senate Committee on Local and Foreign Debts which considered the promissory note programme and a bond issuance to settle inherited local debts and contractual ibligations on the refund to state governments for projects executed on behalf of the federal government.
A promissory note is a debt instrument which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time, under specific terms.
President Muhammadu Buhari had on October 15 asked the Senate to approve the issuance of N10.069 billion promissory note to Kogi State government for projects done on behalf of the Federal Government.
He had said the 8th National Assembly passed the resolutions approving the issuance of promissory notes to 24 out of 25 state governments, leaving Kogi State.
The chairman of the committee Clifford Ordia, presented the report, asking the Senate to approve the amount requested having met with the permanent secretaries of the ministries of Finance and Works and Housing.
He said the committee also met with representatives from ministries of finance and works and Housing in Kogi State to consider the report.
Mr Ordia said the Kogi State Government conducted projects on seven federal roads and has paid all the contractors – hence the recommendation that the amount be approved.
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