President Muhammadu Buhari has written the Senate, seeking approval for $566.8 million, £98.5 million and N226.81 billion, respectively, to pay judgement debts.
The President’s request was contained in a letter read on the floor of the Senate by the Senate president, Ahmad Lawan, at Plenary Session.
According to the President’s request, the approval will enable the government to pay the judgement debts owed by the Federal Government, through the issuance of Promissory Notes.
The letter informed the Senate that the Federal Executive Council, FEC, at its meeting of March 29, 2023, approved the liquidations of top priority judgement debts and general judgement 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. The approval of the National Assembly is required for this purpose.
The Attorney-General of the Federation and Minister of Justice and the Minister of Finance, Budget and National Planning, shall provide any information that may be required by the Senate for the consideration of this request.