President Muhammadu Buhari has written to the senate requesting its approval to pay judgement debts of $566,754,584.31, £98,526,012.00, and N226 billion awarded by different courts against the federal government.
The monies were owed by the federal government through the issuance of promissory notes.
The request was contained in a letter read by the senate president, Mr. Ahmad Lawan, at the plenary on Wednesday.
In the letter, the president stated that the debts were awarded in litigations against federal ministries, departments and agencies of the federal government through the issuance of promissory notes.
He noted that the federal executive council (FEC) had approved settlement of the judgement debts in its sitting on March 29.
The letter entitled ‘Request for the settlement of Nigeria judgement debts secured by the federal ministries, department and agencies through the issuance of promissory notes,’ reads:
“The distinguished senate president may wish to be informed that the federal executive council 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 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 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.”
