Buhari seeks Senate’s approval to pay $556m, £98m, N226bn judgement debts

Buhari seeks Senate’s approval to pay $556m, £98m, N226bn judgement debts

PRESIDENT Muhammadu Buhari has written the Senate, seeking  approval for $566.8 million, £98.5 million and N226.81 billion to pay judgement debts.

Buhari’s request was contained in a letter read on the floor of the Senate by the Senate president, Ahmad Lawan, yesterday in Abuja.

According to him, the approval will enable the government pay the judgment debt owed by the Federal Government through the issuance of promissory notes.

The letter read: “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.

”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 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 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.”