President Muhammadu Buhari has requested the Senate’s approval for payment of $566,754,584.31, £98,526,012.00, and N226 billion judgement debts.
The president made the request in a letter read by the Senate President, Ahmed Lawan, at the plenary on Wednesday in Abuja.
The Federal Government had agreed to pay the funds which are for cases against the president and Ministries, Departments and Agencies (MDAs) through the promissory notes.
The letter read: “The Distinguished Senate President may wish to be informed that the Federal Executive Council 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 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, Mr. Abubakar Malami (SAN) and the Honourable Minister of Finance, Budget and National Planning, Zainab Ahmed, shall provide any information that may be required by the Senate for the consideration of this request.”
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