CommitteeNigeria Senate

Senate Approves FG’s Request to Refund N148billion to Rivers, Bayelsa, Ondo Others

The Senate on Tuesday at the resumption of plenary approved the payment of N148, 141, 969, 161.24 by the federal Government for five states as payment for projects they executed on behalf of the federal government.

The approval of the funds  followed the adoption of the report of the  Senate Committee on Local and Foreign Debts Chaired by Senator Clifford Akhimieonmona Ordia (PDP, Edo Central).

According to the report, Rivers state topped the list of the benefitting states with a total sum of N78, 953, 067, 518.29. Other benefiting states include,   Bayelsa N38, 404, 564, 783. 40; Cross River N18, 394,732, 608.85; Ondo, N7, 822, 147, 577.08; while Osun state will benefit N4, 567,456, 673.68 .

The funds will come in form “promissory Note programme and Bond issuance.

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