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By Nasir Kura
The Federal Executive Council (FEC) on Wednesday approved N689.96 million for seven transaction parties for the Promissory Note Programme and Bond Issuance for the settlement of inherited local debts and its contractual obligations estimated at N3.4 trillion.
This was disclosed by the Minister of Finance Hajiya Zainab Ahmed when she briefed State House correspondents at the end of the weekly FEC meeting chaired by President Muhammadu Buhari at the Council Chamber of the Presidential Villa in Abuja.
She said the seven transaction parties are KPMG Professional Services (N164,657,195.67); Joint Financial Advisers: Zenith Bank Plc & Zenith Capital (N14,294,331.50); Coronation and Access Bank Plc (N14,294,331.50) and UBA and United Capital (N14,294,331.50); Joint Legal Advisers: SimmonsCooper Partners (N53,703,771.80); D. D. Dodo and Partners (N53,703,771.80) and Perchstone and Graeys (N53,703,771.80).
The minister said the programme would provide stimulus to the economy and unlock investment across a number of sectors currently having liquidity issues.
The Federal Executive Council has on July 12, 2017 approved the establishment of a Promissory Note Programme and Bond Issuance for the settlement of inherited local debts and its contractual obligations.
The creditors are Pension Liabilities (N400 billion), unpaid salaries and third party deductions (N24.95 billion), staff claims (N270 billion), part of contractors claims (N45.36 billion), fuel supply accrued interest and foreign exchange differentials (N514.29 billion), part of state governments claims (N487.85 billion), Ministry of Health outsourced liabilities (N9.04 billion), major contractors (N596.51 billion), Export Expansion Grant (EEG) scheme (N350.12 billion), judgement debt (N112.96 billion), DISCOS (N26.71 billion) and GENCOS (N495.67 billion).
