The Nigerian Senate on Wednesday approved promissory notes and bond issuance of N10.069 billion to Kogi State as refund for projects executed on behalf of the Federal Government.
Senate’s approval followed the adoption of the report of the Senate Committee on Local and Foreign Debts which considered Federal Government request on behalf of Kogi State.
A promissory note is a debt instrument to pay money 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.
While the 8th National Assembly approved the issuance of promissory notes to 24 out of 25 state governments, it rejected that of Kogi State.
Presenting the report, Chairman of the Committee, Clifford Ordia, advised Senate to approve the amount requested having successfully met the required conditions.
The Senate Minority Leader, Enyinnaya Abaribe, however, kicked against the timing for the approval two days to the governorship election in the state.
Enyinnaya then suggested that the Senate tarry till next week after the election before the approval is given.
“What I don’t want is the misuse of these funds because it is for the people of the Kogi State. This is not the right time, this is the time where the exigencies of the moment may be used.
“There is no harm in approving this money. Let the approval be delayed by just a week,” he said.
His position was subsequently overruled by the President of the Senate, Ahmad Lawan, arguing that apart from correcting the injustice done to Kogi State in the past, Wednesday’s approval merely coincided with the governorship election in the State.
“Kogi state applied for this in the last Senate, all the other states were paid. Kogi was not approved at that time, we as a senate has seen as a necessity and it is a coincidence,” he said.
The refund of N10.069 billion was subsequently approved when Ahmad Lawan put the question to vote.
