President Muhammadu Buhari has asked the Senate to approve a request to pay judgement debt in the sum of $566,754,584.31, £98,526,012.00 and N226 billion.
The Senate President, Ahmad Lawan, made this known while reading Buhari’s letter of request at plenary in Abuja on Wednesday, May 24.
The judgement debts were owed by the Federal Government through the issuance of promissory notes.
The letter read: ”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 judgment 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.
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”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 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.
“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.”
The Senate also passed for first reading five bills at the plenary on Wednesday.
The bills include Federal Medical Centres Act Amendment Bill 2023 sponsored by Sen. Gobir Ibrahim (APC-Sokoto), and Federal Teaching Hospital, Markurdi, Benue State Establishment Bill, 2023, by Sen. Gobir Ibrahim (APC-Sokoto),
Others are Central Bank of Nigeria(CBN) Act Amendment Bill, 2023, by Sen. Gobir Ibrahim (APC- Sokoto), and Federal University of Petroleum Technology, Ohaji -Egbema Establishment Bill, 2023, by Sen. Rochas Okorocha (APC-Imo).
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