Tinubu Requests N270B for Debt Settlement from NASS

President Bola Tinubu has sought the National Assembly’s approval to issue promissory notes totaling N269.44 billion to settle outstanding verified liabilities owed by the Federal Government to various creditors. This request was transmitted to the House of Representatives through the Secretary to the Government of the Federation, Senator George Akume, and was read by Speaker Abbas Tajudeen during plenary.

The proposal, titled “Request for Transmission, Establishment and Expansion of the Promissory Note Programme for the Outstanding Federal Government Liabilities,” aims to address unpaid contractual obligations and project-related debts. Tinubu stated that the liabilities had been reviewed by relevant ministries and agencies to ensure the settlement of legitimate claims.

The proposed program is designed to provide a structured mechanism for debt settlement, helping to curb the accumulation of interest and penalties. The National Assembly is expected to approve the issuance of promissory notes to cover the verified liabilities, with the Minister of Finance and Coordinating Minister of the Economy authorized to implement the program.