Tinubu seeks Reps’ approval to settle N269.45bn FG debts

President Bola Tinubu has asked the House of Representatives to approve the issuance of promissory notes worth N269.45bn to settle outstanding contractual, project-related and other verified financial commitments of the Federal Government.

I write to convey the compliments of His Excellency, President Bola Ahmed Tinubu, GCFR, and transmit for the consideration and approval of the National Assembly the request for the establishment and expansion of the Federal Government of Nigeria Promissory Note Programme for the settlement of outstanding and verified liabilities of the Federal Government.

The request arises from the need to address the identified outstanding obligations owed to the various categories of creditors, as detailed in the accompanying schedule and supporting documentation.

The liabilities comprise obligations arising from outstanding contractual, project-related and other verified financial commitments of Government, with an aggregate verified amount of Two Hundred and Sixty-Nine Billion, Four Hundred and Forty-Six Million, Four Hundred and Two Thousand, Eight Hundred and Twenty-Two Naira, Fifty-Six Kobo (₦269,446,402,822.56).

Under the latest request, the National Assembly is expected to approve the issuance of promissory notes up to N269.45bn, or another amount it may consider appropriate, for the settlement of the liabilities.

In view of the magnitude and age of some of the outstanding liabilities, as well as the potential for further accumulation of interest and associated costs, the matter requires urgent consideration and approval by the National Assembly.

The proposed programme would give the Federal Government a mechanism to recognise and schedule payment of the verified liabilities, while leaving the timing and terms of repayment structured to avoid immediate pressure on government cash flow.