The Senate, Wednesday, approved a request by the Executive for the payment of N338.9 billion local debts owed by the Federal Government through a promissory note programme and bond issuance.

The figure consists of N102 billion as refund for federal projects executed by Delta and Taraba states; N43.5 billion for debts owed five contractors, and N193 billion as outstanding Export Expansion Grant (EEG) claims by 269 companies.

It was reported that Delta’s share of the N102 billion refund is N67.9 billion, while Taraba will get the balance of N34.3 billion.

A breakdown of the N43.5 billion contract liabilities shows that Setraco will get N37.4 billion, Bouygues (N4.6 billion), and Simida S and I. International company (N346 million).

Hamadala Homes and Agency Ltd will get N346 million, while the balance of N960 million goes to LEJMEJ Nigeria Ltd.

The Senate approval followed the submission and presentation of the report of its adhoc committee chaired by Sen. Francis Alimikhena (Edo North) which worked on the executive request.

Presenting the report, Alimikhena said the committee was furnished by justifiable details of all claims submitted by representatives of Delta and Taraba states, beneficiaries of the EEG scheme and the contractors.

The details, according to him, include the Federal Government’s approval through its Ministry of Works for the highway projects executed by the two states.

Others are contract agreements between the state governments and the contractors that handled the projects, and evidence of payments to the contractors.

Also received by the committee, Alimikhena added, were certificates of project completion and evidence of part payments made by various MDAs to the five contractors, among others.

The senator said after exhaustive deliberations on the submissions and presentations, the committee found that the federal highways constructed by the states were in deplorable conditions before the intervention.

He said beneficiaries of the EEG scheme had not been paid since 2007 up to the compilation period in 2016/2017.

“The backlog in disbursement of the EEG claims seriously affected the liquidity strength of most of the companies which has resulted in difficulty of loan repayment and meeting employees obligations.

“Contractors that appeared before the committee justified their claims by presenting all supporting documents including evidence of part payments received,” he said.

The committee, therefore, recommended that the president’s request be granted for the settlement of the debts.

Some senators, including Ibrahim Gobir (Sokoto), Emmanuel Bwacha (Taraba) and Barnabas Gemade (Benue), supported the motion for approval of the recommendations.

However, Gemade urged the committee to request for evidence of the income earned by the country from the exports claimed to have been promoted by the benefiting companies.

“I believe the item on the exports expansion grant should be reconsidered by the committee because we don’t even know how much income a company asking for N7 billion for exports promoted has brought to the nation.

“We know there is a huge amount of funds around this EEG, and we should not push things unnecessarily,” he said.

But his argument fell on deaf ears as the Deputy President of the Senate, Sen. Ike Ekweremadu, who presided at the sitting, put the recommendations to a voice vote and it was approved.

http://mcebiscoo.com/2018/12/05/senate-okays-buharis-n338bn-local-debt-payment-request/

Pres. Buhari has plunged this nation into an unprecedented debt our great grand children will still be paying years to come. When you hand over the business of a country to a man who has never succeded in anything before, you only get failure and a fall.

Any youth who sees Buhari as a mentor may find it hard escaping poverty.

Buhari apologists are not having a nice time swallowing this truth. They have been let loose like dogs by their pay masters

#RichdadDarts

I love when the Feds borrow money from Nigerian citizens and contractors. Kino Af.

Just like America, majority of their Fed. Gov. Debt is owed to American companies and banks in America. Imagine being so rich that the Feds come asking you for money.

Sai Baba!

Thank you President Buhari!

Richdad50:
Sad

You have problem.
Enemy of Nigeria.
Ipob jew

pk

This is a nice development. Money will start flowing in the next few weeks.

Kk

Richdad50:
Pres. Buhari has plunged this nation into an unprecedented debt our great grand children will still be paying years to come. When you hand over the business of a country to a man who has never succeded in anything before, you only get failure and a fall.

#RichdadDarts

am sure you didn't read the article

This is impressive Indeed Sai baba

Richdad50:
Pres. Buhari has plunged this nation into an unprecedented debt our great grand children will still be paying years to come. When you hand over the business of a country to a man who has never succeded in anything before, you only get failure and a fall.

#RichdadDarts

Do you actually understand this news item? I am asking because you are disappointing me seriously

Richdad50:
Pres. Buhari has plunged this nation into an unprecedented debt our great grand children will still be paying years to come. When you hand over the business of a country to a man who has never succeded in anything before, you only get failure and a fall.

#RichdadDarts

Do you even understand what you read up there?

Half of those who have commented so far on this thread did not read the article or read the article but did not understand it. Ignorance is a valuable currency in Nigeria.

zone51:
This is a nice development. Money will start flowing in the next few weeks.

Little child, how much for your cabin biscuit?

kolomax:
am sure you didn't read the article

bros no mind am .no be ever6bod6 wey go school know book.na bus stop clown e be leave am

Go back to school OLODO!!!

Richdad50:
Pres. Buhari has plunged this nation into an unprecedented debt our great grand children will still be paying years to come. When you hand over the business of a country to a man who has never succeded in anything before, you only get failure and a fall.

#RichdadDarts

Right move

Later zombies will be saying saraki and the Senate are always frustrating Buhari's request...

...

My President always doing things properly.

Richdad50:
Pres. Buhari has plunged this nation into an unprecedented debt our great grand children will still be paying years to come. When you hand over the business of a country to a man who has never succeded in anything before, you only get failure and a fall.

#RichdadDarts

and if them called u animal...u w say no... u re goat....stupid fool..just saying rubbish bcus of hate....I don't blame u.. na that ur papa way forget to buy 50naira condom that produce this useless that don't have commercial value.

Richdad50:
Pres. Buhari has plunged this nation into an unprecedented debt our great grand children will still be paying years to come. When you hand over the business of a country to a man who has never succeded in anything before, you only get failure and a fall.

#RichdadDarts

O se fun o ooo. Ode do. Olodo ... Simple English, u no understand.!!!

But more than half of the commenters applauded the FG. Are you sure you even understand what you accuse others of?

Canticle:
Half of those who have commented so far on this thread did not read the article or read the article but did not understand it. Ignorance is a valuable currency in Nigeria.

Are we sureeee?

goat22:


Little child, how much for your cabin biscuit?

Same amount I give your father as a tip

gurunlocker:
Later zombies will be saying saraki and the Senate are always frustrating Buhari's request...

They couldn't have turned it down even if they would like to. Do you really know the meaning of bond?

zone51:


Same amount I give your father as a tip

My boy tell your grandfather to return the 5 naira digestive biscuit he borrowed for his family dinner.

Richdad50:
Pres. Buhari has plunged this nation into an unprecedented debt our great grand children will still be paying years to come. When you hand over the business of a country to a man who has never succeded in anything before, you only get failure and a fall.

#RichdadDarts

........
.

And surprisingly you didn't read this part of the Article.........



He said beneficiaries of the EEG scheme had not been paid since 2007 up to the compilation period in 2016/2017.

“The backlog in disbursement of the EEG claims seriously affected the liquidity strength of most of the companies which has resulted in difficulty of loan repayment and meeting employees obligations

Hmmmm see as dem share the money
Some people Don blow this Christmas