Buhari seeks Senate approval of N226 billion, $556.8 million, £98.5 million judgment debts

President Muhammadu Buhari has sought the approval of the Senate to issue a promissory note for the payment of $566.8 million, £98.5 million and N226.2 billion judgement debts owed by the federal government.

Mr Buhari’s request was contained in a letter addressed to Senate President Ahmad Lawan and read at the plenary on Wednesday.

The president, 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 judgement debts and general 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 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.”

He continued by saying that the ministers of finance and justice would deliver all essential paperwork to the Senate.

Five legislation were passed for first reading by the Senate during the session as well.

The bills are the Federal Teaching Hospital, Makurdi, Benue State Establishment Bill, 2023, sponsored by Gobir Ibrahim (APC- Sokoto), and the Federal Medical Centers Act Amendment Bill 2023.

Other bills include the Federal University of Petroleum Technology, Ohaji -Egbema Establishment Bill, 2023, by Rochas Okorocha, and the Central Bank of Nigeria (CBN) Act Amendment Bill, 2023, by Gobir Ibrahim (APC- Sokoto).

(NAN)