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Senate Okays Buhari’s N338bn Local Debt Payment Request - Politics - Nairaland

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Senate Okays Buhari’s N338bn Local Debt Payment Request by 11Ebiscoo: 9:43pm On Dec 05
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/

2 Likes

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by Richdad50(m): 10:03pm On Dec 05
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

10 Likes 2 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by Uglymugg: 10:03pm On Dec 05
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.

5 Likes 1 Share

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by forgiveness: 10:03pm On Dec 05
Sai Baba! grin

9 Likes 3 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by Freestyl(m): 10:03pm On Dec 05
Thank you President Buhari!

22 Likes 3 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by TomiCute(m): 10:05pm On Dec 05
sai baba

Study for Free In Canada : University Of Saskatchewan International student scholarship

Apply Now: http://hostcollege.blogspot.com/2018/10/scholarship-university-saskatchewan.html

10 Likes 4 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by 46O1CE: 10:05pm On Dec 05
Richdad50:
Sad
You have problem.
Enemy of Nigeria.
Ipob jew

27 Likes 2 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by TheAngry1: 10:06pm On Dec 05
pk
Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by zone51: 10:06pm On Dec 05
This is a nice development. Money will start flowing in the next few weeks.

14 Likes 2 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by saracus(f): 10:08pm On Dec 05
Kk
Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by kolomax(m): 10:12pm On Dec 05
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

49 Likes 4 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by MrAJQ(m): 10:14pm On Dec 05
This is impressive Indeed Sai baba

16 Likes 3 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by SternProphet: 10:15pm On Dec 05
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

46 Likes 7 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by MrAJQ(m): 10:16pm On Dec 05
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?

28 Likes 6 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by Canticle(m): 10:18pm On Dec 05
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.

10 Likes 2 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by goat22: 10:24pm On Dec 05
zone51:
This is a nice development. Money will start flowing in the next few weeks.

Little child, how much for your cabin biscuit?

1 Like

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by wolexy14(m): 10:24pm On Dec 05
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

4 Likes 1 Share

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by dannybrasky: 10:28pm On Dec 05
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

18 Likes 3 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by docadams: 10:36pm On Dec 05
Right move
Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by gurunlocker: 10:39pm On Dec 05
Later zombies will be saying saraki and the Senate are always frustrating Buhari's request...
Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by Wahala90: 10:40pm On Dec 05
...

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by Anijay1212(m): 10:43pm On Dec 05
My President always doing things properly.

2 Likes 1 Share

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by ogunnoikitaiwo(m): 10:43pm On Dec 05
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.

11 Likes 3 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by baarak66(m): 10:48pm On Dec 05
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.!!!

6 Likes 1 Share

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by somehow: 10:50pm On Dec 05
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.

8 Likes 1 Share

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by Princeton92(m): 10:55pm On Dec 05
Are we sureeee?

1 Like

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by zone51: 10:56pm On Dec 05
goat22:


Little child, how much for your cabin biscuit?

Same amount I give your father as a tip cheesy

1 Like

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by maasoap(m): 10:57pm On Dec 05
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?

2 Likes 1 Share

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by goat22: 11:00pm On Dec 05
zone51:


Same amount I give your father as a tip cheesy

My boy tell your grandfather to return the 5 naira digestive biscuit he borrowed for his family dinner.
Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by SingleWahala(f): 11:02pm On Dec 05
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

6 Likes 2 Shares

Re: Senate Okays Buhari’s N338bn Local Debt Payment Request by shox(m): 11:06pm On Dec 05
Hmmmm see as dem share the money shocked shocked
Some people Don blow this Christmas grin

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