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Succour as National Assembly approves issuance of N563.643bn promissory note, bond to contractors

National Assembly has approved the issuance of promissory note and bond worth N563.643 billion for the payment of local contractors.

The approval was granted sequel to the adoption of the Senate and House conference report presented by Adeyinka Ajayi, chairman, House Committee on Aids, Loans and Debts management.

The recommendations of the report were adopted by the Committee of Supply.

The lawmakers also adopted the recommendation for the issuance of promissory note and bond for the payment of the sum of N195.089 billion to 270 exporters’ claims in the Export Expansion Grant (EEG) scheme.

He explained that the fund will enable the Federal Government to settle inherited local debt and contractual obligations.

Ajayi stated that the report was a result of the deliberations of the request of the President.

“The conference committee met on Friday, 18th January, 2019 to harmonise the differences in the recommendations of the reports with respect to the payment of beneficiaries/exporters in Export Expansion Grant Scheme and contractors as passed by the two chambers.

“The conference committee observed that two additional companies (SCC Nigerian Limited and Mahaza Company Limited), whose approval of payment were not granted in the Senate did not present some key documents to the Adhoc Committee as requested till the expiration of the period given to them but subsequently presented all necessary documents to the House Committee on Aids, Loans and Debts Management who recommend their payment, hence their recommendation in the House Committee version,” the report read in part.

According to him, the Conference Committee worked on the two necessary items dealing on contractual debts to local contractors, hence unanimously adopted the House of Representatives recommendations.

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