President Muhammadu Buhari some few days to the end of his administration has written to the Senate, seeking approval to pay judgement debt in the sum of $566,754,584.31, £98,526,012.00 and N226,281,801,881.64 owed by the Federal government. President Buhari’s request is contained in a letter read in Abuja by the President of the Senate, Senator Ahmad Lawan. According to President Buhari, the approval would enable the government pay the judgment debt owed by the Federal Government through the issuance of promissory notes.
The letter read: “The Distinguished Senate President 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.”