Buhari writes Senate, seeks approval to pay N226bn, $556.8m, £98.5m judgement debts
President Muhammadu Buhari has written the Senate, seeking approval of the request to pay the 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 appeal was contained in a letter read Wednesday in Abuja by the President of the Senate, Senator Ahmad Lawan.
According to President Buhari, the permission will allow the government to settle the Federal Government’s judgement debt through the issuing of promissory notes.
“The Distinguished Senate President may wish to be informed that the Federal Executive Council (FEC) approved the liquidation of top priority judgement debts and general judgement debts owed by Ministries, Departments, and Agencies (MDAs) through the issuance of promissory notes at its meeting on March 29, 2023.”
“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.”