- Seeks NASS approval to borrow funds from Capital Market
From Fred Itua, Abuja
President Muhammadu Buhari on Wednesday asked the Senate to approve a request to pay judgment debts in the sum of $566,754,584.31, £98,526,012.00 and N226,281,801,881.64 being owed by the Federal Government through the issuance of promissory notes.
In total and in naira equivalence, the debts stand at N704 billion. Buhari’s letter of request was read during plenary by the President of the Senate, Ahmad Lawan.
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 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.”