Buhari seeks Senate’s approval to pay $556m, £98m, N226b judgment debts

Muhammadu Buhari

President Muhammadu Buhari on Wednesday sought the approval of the Senate to pay judgment debt in the sum of $566,754,584.31, £98,526,012.00 and N226,281,801,881.64, respectively being owed by the ministries, departments and agencies, MDAs of the federal government through the issuance of promissory notes.

Buhari’s request was contained in a letter addressed the Senate President, Dr. Ahmad Lawan and read at plenary.

He informed that the Federal Executive Council, FEC had approved the liquidations of top priority judgment and general judgment debts owed by the MDAs through the issuance of promissory notes.

The letter reads in parts: “The Distinguished Senate President 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 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. 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.”