By Oluwakemi Kindness
President Bola Tinubu has asked the National Assembly to approve a ₦269.45 billion promissory note programme to settle verified outstanding liabilities owed by the Federal Government.
In a request transmitted to the legislature on Tuesday and read by the Speaker Tajudeen Abbas, the President sought approval for the establishment and expansion of the Federal Government’s Promissory Note Programme to address outstanding contractual obligations, project-related commitments and other verified financial claims.
The request, conveyed by the Secretary to the Government of the Federation, Senator George Akume, puts the total verified liabilities at ₦269,446,402,822.56.
Tinubu said the programme would provide a structured framework for settling legitimate obligations while ensuring that only claims verified and certified by relevant government agencies qualify for payment.
The proposed arrangement is also intended to reduce the continued accumulation of interest, penalties and other financial costs associated with the outstanding debts.
Under the proposal, the Minister of Finance and Coordinating Minister of the Economy would work with the Debt Management Office and other relevant agencies to implement the programme, subject to the National Assembly’s approval.
The President said the use of promissory notes would allow the government to spread repayment obligations over an appropriate period, rather than impose an immediate and disproportionate burden on its cash flow.
Tinubu urged the National Assembly to consider the request urgently, noting that early approval would enable the government to begin the necessary processes for issuing the notes and settling the outstanding liabilities.
The request also includes a schedule detailing the categories of liabilities, beneficiaries and amounts involved, subject to final verification and reconciliation by the relevant agencies.
