The Federal Government has agreed to reimburse the Borno State Government for the out-of-pocket costs incurred during the construction of federal roads on Wednesday in Abuja in the amount of N16.77 billion.
This information was made public by Laolu Akande, the Senior Special Assistant to the Vice President for Media and Publicity, following this week’s Federal Executive Council meeting, which was presided over by President Muhammadu Buhari at the State House in Abuja.
Akande claimed that the President himself had submitted the memo but would not guarantee a specific date for when the funds would be distributed to the North-Eastern state.
The disbursement, however, won’t happen until the Debt Management Office has completed its examination of the debt sustainability.
He said: “The council approved the president’s memo for the reimbursement of funds expended by the state government for federal projects and its total sum of N16.77bn which will be processed after a debt sustainability analysis has been carried out by the debt management office leading to the issuance of debt instruments and a promissory note of the same value to be approved by the National Assembly.”
