President Muhammadu Buhari on Wednesday urged the Senate to approve a request to pay judgement debts in the sum of $566,754,584.31, £98,526,012.00 and N226 billion through the issuance of promissory notes.
President Buhari’s request was contained in a letter read by the President of the Senate, Ahmed Lawan during plenary.
According to President Buhari, the Federal Executive Council (FEC), at its meeting of March 29, 2023, approved the Liquidations of Top Priority Judgement Debts and General Judgment Debts Incurred by Federal Ministries, Department and Agencies (MDAs), through the issuance of Promissory Notes.
He added that 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.
He noted that debt securities were being issued for the settlement of the Judgment Debts and the approval of the National Assembly was required for this purpose.
President Buhari assured that the Attorney-General of the Federation and Minister of Justice and the Minister of Finance, Budget and National Planning would provide any information that may be required by the Senate for the consideration of the request.
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