President Muhammadu Buhari has sought the approval Senate to issue a promissory note for the payment of $566.8 million, £98.5 million and N226.2 billion judgement debts owed by the Federal Government.
Mr Buhari’s request was contained in a letter addressed to Senate President Ahmad Lawan and read at the plenary on Wednesday.
The president, in the letter, said: “Distinguished Senate President, you may wish to be informed that the Federal Executive Council (FEC) at its meeting of March 29, 2023, approved the liquidations of top priority judgement debts and general debts owed by Ministries, Departments and Agencies (MDAs), through the issuance of promissory notes.
“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 debts incurred by federal MDAs in the sum of 566,754,584.31 dollars, 98,526,012.00 pounds and N226,281,801,881.64 through the issuance of promissory notes.”
He added that the finance and justice ministers would provide every necessary document required by the Senate.
The Senate, also at the plenary, passed for first reading five bills.
The bills include: Federal Medical Centres Act Amendment Bill 2023, sponsored by Gobir Ibrahim (APC- Sokoto) and Federal Teaching Hospital, Makurdi, Benue State Establishment Bill, 2023, by Gobir Ibrahim (APC- Sokoto),
Others are the Central Bank of Nigeria (CBN) Act Amendment Bill, 2023, by Gobir Ibrahim (APC- Sokoto) and Federal University of Petroleum Technology, Ohaji -Egbema Establishment Bill, 2023, by Rochas Okorocha.
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