Five days to expiration of his tenure, President Muhammadu Buhari Wednesday sought approval of the Senate for payments of Judgments Debts in three different denominations of Naira, US Dollar and British Pounds Sterling.
President Buhari in the approval request letter, read on the floor of the Senate by its president , Ahmad Lawan, said the sums for the judgment debts are $566,754, 584, 31million equivalent to N404billion, £98, 526,012.00million , equivalent to N78.4billion and N226,281,801,881billion , totaling N704billion.
Buhari in the letter stated that promissory notes would be issued for payment of the debts owed by the federal government over the years.
The letter reads in part: “The distinguished Senate President may wish to be informed that the Federal Executive Council (FEC) at its meeting of March 29, 2023 approved the liquidation of top priority judgment debts and general judgment 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 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 judgment debts and general judgment 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.”