By Tracy Moses<\/p>\n
President Bola Ahmed Tinubu has asked the House of Representatives to approve a \u20a6100.5 billion promissory note programme to reimburse the Yobe State Government for the takeover of the Muhammadu Buhari International Cargo Airport, Damaturu, by the Federal Government.<\/p>\n
The request is contained in a letter dated August 28, 2026, addressed to the Speaker of the House, Tajudeen Abbas, seeking approval for the Debt Management Office (DMO) to establish and issue the promissory note.<\/p>\n
Tinubu said the Federal Executive Council (FEC), at its second extraordinary meeting on May 23, 2023, approved the Federal Government\u2019s takeover of the airport, built by the Yobe State Government, as well as the reimbursement of the project cost through the Promissory Note Programme.<\/p>\n
According to the President, the Bureau of Public Procurement (BPP) has completed its review of the project and recommended \u20a6100,509,017,234.55 as the amount payable to the state.<\/p>\n
\u201cIn the light of the foregoing, I urge the House of Representatives to consider and approve the establishment and issuance by the Debt Management Office, a Promissory Note Programme in the sum of N100,509,017,234.55,\u201d Tinubu wrote.<\/p>\n
He urged the lawmakers to give the request expeditious consideration, expressing the hope for a favourable response.<\/p>\n
The proposed arrangement requires legislative approval before the promissory note can proceed through the relevant issuance and implementation processes. The President\u2019s request does not mean that the reimbursement has been approved by the House or paid to the state.<\/p>\n
The Muhammadu Buhari International Cargo Airport was developed by the Yobe State Government as part of efforts to improve transportation infrastructure and expand economic opportunities in the state.<\/p>\n
Under the proposed arrangement, the Federal Government would reimburse the state for the verified cost of the project following its takeover.<\/p>\n
A promissory note is a financial instrument representing a commitment to pay a specified amount under agreed terms. Government promissory note programmes can be used to settle verified obligations, subject to the required approvals and applicable procedures.<\/p>\n
In this case, the amount proposed for reimbursement is based on the BPP\u2019s review of the airport project, which put the recommended sum at \u20a6100.509 billion.<\/p>\n
The House of Representatives is expected to consider the President\u2019s request before the proposed programme can proceed.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Tracy Moses President Bola Ahmed Tinubu has asked the House of Representatives to approve a \u20a6100.5 billion promissory note programme to reimburse the Yobe State Government for the takeover…<\/p>\n","protected":false},"author":1,"featured_media":130012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-130011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n