President Muhammadu Buhari has sought the approval of the Senate to issue a promissory note for the payment of 566,754,584.31 dollars, 98,526,012.00 Pounds and N226,281,801,881.64 judgment debt owed by the federal government.
Buhari’s request is contained in a letter addressed to the President of Senate, Ahmed Lawan, and read at plenary on Wednesday.
Buhari in the letter said: “Distinguished Senate President, you may wish to be informed that the Federal Executive Council, FEC, at its meeting of March 29, 2023 approved the liquidations of top priority judgment debts and general debts owed by Ministries, Departments and Agencies (MDAs) through the issuance of promissory notes.
“The judgment 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.
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“Thus debt securities have been issued for the settlement of the judgment 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 debts incurred by Federal MDAs in the sum of 566,754,584.31 dollars, 98,526,012.00 Pounds 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.”
Senate also at plenary passed for first reading five bills.
The bills include Federal Medical Centres Act Amendment Bill 2023 sponsored by Sen. Gobir Ibrahim (APC- Sokoto) and Federal Teaching Hospital, Markurdi, Benue State Establishment Bill,2023 by Sen. Gobir Ibrahim (APC- Sokoto).
Others are Central Bank of Nigeria (CBN) Act Amendment Bill, 2023 by Sen. Gobir Ibrahim (APC- Sokoto),and Federal University of Petroleum Technology, Ohaji-Egbema Establishment Bill, 2023 by Sen. Rochas Okorocha.