The Federal Government has asked the National Assembly to approve the issuance of promissory notes worth ₦269.44 billion to settle outstanding debts owed to contractors and other creditors.....KINDLY READ THE FULL STORY HERE▶
President Bola Tinubu made the request in a letter conveyed by the Secretary to the Government of the Federation (SGF), Senator George Akume, and read during plenary at the House of Representatives in Abuja.
The President is seeking lawmakers’ approval to establish and expand the Promissory Note Programme to address the government’s outstanding financial obligations.
In the letter dated August 18, 2026, and received by the Speaker’s office on October 21, Akume disclosed that the total liabilities amounted to ₦269,446,402,822.56.
He explained that the debts, which include contract-related and project-related obligations, were identified and confirmed following a comprehensive review by the relevant ministries, departments and agencies.
According to the SGF, the programme would provide “a structured, transparent and fiscally responsible framework” for settling the liabilities, with only verified and validated claims considered for payment.
In addition to seeking approval for the issuance of the promissory notes, Tinubu asked lawmakers to authorise the inclusion of the identified categories of creditors and beneficiaries, subject to final verification and certification.
The President also requested approval for the Minister of Finance and Coordinating Minister of the Economy, the Debt Management Office and other relevant government agencies to oversee the implementation of the programme.
Akume said the initiative would prevent the outstanding debts from accumulating further interest, penalties and other charges.
He added that the arrangement would reduce the financial pressure on affected creditors and demonstrate the government’s commitment to fulfilling its legitimate obligations.
The SGF noted that the Promissory Note Programme had previously been used to address inherited domestic debts and contractual liabilities, following approval by the Federal Executive Council and the National Assembly.
He explained that the scheme would allow the government to settle the obligations in phases without placing excessive pressure on public finances, in accordance with sound debt management principles.
Akume urged the House of Representatives to consider the request urgently, citing the substantial value of the liabilities, the length of time some debts had remained unpaid and the risk of additional interest accruing.
He said timely approval would enable the government to commence issuing the promissory notes and facilitate the resolution of the outstanding obligations.
A detailed schedule containing the debts, beneficiaries, amounts involved and supporting documents was attached to the request for lawmakers’ consideration.