Tinubu Requests N269.45bn for Debt Settlement Approval

President Bola Tinubu has formally requested the House of Representatives to approve the issuance of promissory notes totaling N269.45bn to address outstanding financial obligations owed by the Federal Government. This request, detailed in a letter dated August 18, 2026, was presented by Speaker Tajudeen Abbas during a plenary session.

The proposed expansion of the Federal Government’s Promissory Note Programme aims to create a structured approach for settling verified debts while alleviating immediate cash flow pressures. The letter, signed by Secretary to the Government of the Federation, Senator George Akume, outlines that the total amount involved is N269,446,402,822.56.

Akume emphasized that the initiative follows a thorough review of outstanding obligations by relevant Ministries, Departments, and Agencies, ensuring that only verified claims are considered. The program is designed to prevent the accumulation of interest and penalties on unpaid obligations, thereby restoring confidence among creditors regarding the government's commitment to fulfilling its financial responsibilities.