Tinubu Seeks N269.45bn Approval for Federal Liabilities

President Bola Tinubu has formally requested the House of Representatives to approve a promissory note amounting to N269.45 billion for the settlement of verified federal government liabilities. This communication was transmitted through the Secretary to the Government of the Federation, Sen. George Akume, and was presented by the Speaker of the House, Hon. Abbas Tajudeen, during a plenary session on Tuesday.

The request, dated 18th August 2026, aims to address obligations arising from outstanding contractual, project-related, and other verified financial commitments, totaling N269,446,402,822.56. The proposal intends to create a structured and transparent framework for settling these obligations, ensuring that only duly verified claims are admitted.

It also aims to mitigate the accumulation of interest and penalties associated with these liabilities, providing relief to creditors and reinforcing the federal government’s commitment to honoring its obligations. The Promissory Note Programme has previously been used to settle inherited local debts and contractual obligations.