The approval was a sequel to the adoption of the report of the ad-hoc committee which was set up to consider the ‘Promissory Note Programme and a Bond Issuance to Settle Inherited Local Debts and Contractual Obligations’ aimed at granting refunds to state governments for projects executed on behalf of the federal government.
President Muhammadu Buhari had in March written to the National Assembly, seeking its approval for the issuance of the notes to offset inherited local debts.
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