The Senate has approved the disbursement of N338 billion as settlement for inherited local debts and contractual obligations.
Breakdown of the amount shows that while N102.3 billion is for two states as reimbursement for projects executed on behalf of the Federal Government, N43.5 billion is for settling contractual liabilities even as N193 billion is clear the outstanding claims of verified 269 companies.
Further breakdown indicated that out of the N102.3 billion, two states: Delta will receive N67.9 billion while Taraba will collect the balance of N34.3 billion as refunds for executing Federal Government projects.
This followed the adoption of the report of the Ad-hoc Committee on Promissory Note Programme and Bond Issuance on Wednesday.
Presenting the report, Chairman of the Committee and Deputy Senate Chief Whip, Francis Alimikhena, revealed that N43.5 billion is for the settlement of contractual liabilities as follow: N37 billion to Setraco Nigeria Limited, N4 billion to Bouygues Nigeria Limited, N346 million to Simidia S & I International Company Limited, N210 million to Hamdala Homes & Agency Limited as well as N960 million to Lejmej Nigeria Limited.
OWEDE AGBAJILEKE, Abuja