Federal Government Requests N269.44bn for Debt Settlement

The Federal Government of Nigeria has requested the House of Representatives to approve the establishment and expansion of its Promissory Note Programme to address outstanding and verified liabilities totaling N269.44 billion. This request was made in a letter signed by Senator George Akume, the Secretary to the Government of the Federation, on behalf of President Bola Tinubu, and presented to Speaker Abbas Tajudeen during a plenary session.

The liabilities include obligations from contractual, project-related, and other verified financial commitments. Akume stated that the proposal aims to provide a structured and transparent framework for settling these obligations while preventing the accumulation of interest and penalties.

The Promissory Note Programme has been previously used for settling inherited local debts and contractual obligations, and this new proposal follows a comprehensive review by relevant Ministries, Departments, and Agencies. The request seeks legislative approval for the issuance of Promissory Notes amounting to N269,446,402,822.56.