NASS approves N563.643bn promissory note, bond to pay local contractors

The National Assembly on Wednesday approved the issuance of promissory note and bond worth N563.643 billion for the payment of promissory note and bonds to local contractors.

Hon. Adeyinka Ajayi, chairman, House Committee on Aids, Loans and Debts management presented a Senate and House conference report through which the approval was granted after lawmakers adopted the recommendations during the Committee of Supply.

Ajayi (APC-Osun) told the House that the sum of N206.N43.586 billion was approved for the six local contractors and an additional sum of N162.479 billion.

Similarly, the recommendation for the issuance of promissory note and bond for the payment of the sum of N195.089 billion to 270 exporters’ claim in the Export Expansion Grant (EEG) scheme was approved.

Ajayi told his colleagues that the report was a result of the deliberations of the request of the President.

The fund will enable Federal Government to settle inherited local debt and contractual obligations, he further said.

He said in the report: “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 the two additional companies (SCC Nigerian Limited and Mahaza Company Limited) whose approval of payment was 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.”

The companies 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.”

Ajayi explained further that the Conference Committee “worked on the two necessary items dealing on contractual debts to local contractors, hence unanimously adopted the House of Representatives recommendations.”