President Buhari seeks Senate’s approval to pay N226 billion, $556.7 million, £98 million judgment debt

Article summary

• President Buhari seeks Senate approval to pay judgment debts totaling $566.75 million, £98.53 million, and N226 billion before the end of his term.
• The requested funds are owed by the Federal Government through the issuance of promissory notes.
• The President’s letter highlights the approval of the Federal Executive Council for the settlement of priority and general judgment debts, with the requirement for the National Assembly’s approval. Ministers of Justice and Finance are expected to provide additional information as needed.

President Muhammadu Buhari has in a letter, asked the Senate to approve a request to pay the judgment debts in the sum of $566,754,584.31, £98,526,012.00, and N226 billion, barely 5 days to the end of his administration.

The requested funds are the monies that the Federal Government owed through the issuance of promissory notes.

President Buhari’s letter of request was read by the Senate President, Ahmad Lawan, on the floor of the Senate during plenary on Wednesday, May 24, 2023, 4 months after 648 cases were brought against the President and other Federal Government agencies.

Ministers to provide the required information

The letter from the president partly reads, ”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 judgment debts and general judgment debts owed by Ministries, Departments, and Agencies (MDAs) through the issuance of promissory notes.

•  “The judgment 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 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 a top priority judgment debts and general judgment debts incurred by the federal MDAs in the sum of $566,754,584, GB98,526, and N226,281,801,881.
• “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.”