The Federal Government of Nigeria has approved a sum of N16.77 billion as reimbursement to the Borno State Government for the out-of-pocket funds spent on constructing federal roads.
This decision was made at a Federal Executive Council meeting presided over by President Muhammadu Buhari on Wednesday in Abuja. Laolu Akande, the Senior Special Assistant to the Vice President on Media and Publicity, disclosed the information to the public.
Akande stated that the reimbursement would be processed after a debt sustainability analysis is carried out by the Debt Management Office.
The funds would be issued through debt instruments and a promissory note of the same value, which would require approval from the National Assembly. The memo was presented by the President himself, but there was no assurance as to when the funds would be disbursed to the state.
In addition, the council approved an action plan to deploy technology to combat climate change, which was presented by the Minister of Science, Technology and Innovation, Olorunimbe Mamora.
He highlighted the need to leverage technology to reduce greenhouse gas emissions, adding that Nigeria’s technology required an upgrade to meet global adaptation standards.
The plan of action, which was approved by the council, focused on the national technological action plan for climate change mitigation and adaptation in Nigeria’s most vulnerable sectors.