Reps approve issuance of N148bn Promissory Notes to 5 states

•Pass N189.512bn FCT 2020 budget through second reading

The House of Representatives on Wednesday approved the issuance of Promissory Notes Programme and Bond for the refund of N148 billion to Rivers, Bayelsa, Cross River, Osun and Ondo States Government for projects executed on behalf of the Federal Government.

The House gave the approval after the consideration and adoption of the report of the House Committee on Aids, Loans and Debt Management, chaired by Hon. Ahmed Safana Dayyabu, at the Committee of Supply.

In his lead debate, Hon. Dayyabu explained that the request was aimed at settling outstanding claims and liabilities of 5 State Governments in the sum of N148,141,969,161.24 based on the claims by each state.

Breakdown of the funds showed that: Bayelsa State is to get N38,404,564,783.40; Cross River State is to get N8,394 732 608.85; Ondo State is to get N7,822 147 577 08; Osun State is to get N4,567 456 673 63 while Rivers State is to receive N78,953,067,518.29 respectively.

Also at plenary, the House passed through Second Reading a bill to issue from the Federal Capital Territory Administration (FCTA) Statutory Revenue Fund worth N189,512,094,100 for 2020 fiscal year.

From the N189.512 billion, the sum of N71,898,469,314 is for Personnel Costs; the sum of N55,691,319,788is for Overhead Cost; while the balance of N61,922,304,998 is for Capital Projects.


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