TheCable

President Muhammadu Buhari has asked for the approval of the national assembly to issue promissory notes amounting to over N402 billion.

A promissory note is a written promise by one party to make a payment of money at a date in the future.

Buhari made the request in separate letters of request read at the national assembly on Tuesday.

According to the first letter, he requested N375 billion to settle outstanding claims owed various exporters.

“Other similar debts repayment requests to be routed through the Debt Management Office (DMO), are N6.706 billion for Kebbi state government as a refund for the construction of a federal road in the state and N2.706 billion for Taraba state government for constructing federal roads as well,” the letter reads.

Buhari, in the second request, also sought approval to issue N18.623 billion to pay the Yobe state government.

“Payment of N18.623 billion to the Yobe state government through the DMO will help the state to offset all monies expended on the execution of five different federal road projects in the state,” the second letter reads.

Buhari also called for expeditious consideration of the requests.

In another communication to the senate, he sought confirmation of the nomination of Mohamed Sabo Lamido, for appointment as the executive commissioner, finance and accounts of the board of upstream regulatory commission.

According to him, the nomination was necessitated by the death of Hassan Gambo who hitherto served in that capacity.