President Muhammadu Buhari has sought the approval of Senate to issue a promissory note for the payment of $566,754,584.31, £98,526,012.00 and N226,281,801,881.64 judgement debt owed by the Federal Government.
Buhari’s request was contained in a letter addressed to Senate President, Ahmed Lawan and read at plenary on Wednesday.
Buhari in the letter said, “Distinguished Senate President, you may wish to be informed that the Federal Executive Council (FEC) at its meeting of March 29, 2023 approved the liquidations of top priority judgement debts and general judgement debts owed by Ministries, Departments and Agencies (MDAs) through the issuance of promissory notes.
“The judgement debts are to be settled through the issuance of promissory notes which will then be redeemed over time through provisions in the budgets of the Federal Government of Nigeria.
“Thus, debt securities have been issued for the settlement of the judgement debts and approval of the National Assembly is required for this purpose.
“In view of the foregoing, I wish to request the Senate to kindly consider and approve through its resolution, the settlement of the top priority judgement debts and general judgement debts incurred by Federal MDAs in the sum of USD566,754,584.31, £98,526,012.00 and N226,281,801,881.64 through the issuance of promissory notes.
“The Honourable Attorney-General of the Federation and Minister of Justice and the Honourable Minister of Finance, Budget and National Planning shall provide any information that may be required by the Senate for the consideration of this request.”