Key Takeaways
- President Bola Tinubu has asked the National Assembly to approve ₦269.44 billion in promissory notes to settle debts owed to contractors and other creditors.
- Secretary to the Government of the Federation George Akume said relevant ministries, departments and agencies reviewed the liabilities, and only verified claims would qualify.
- Akume urged the House of Representatives to approve the request urgently, citing the age of some debts and the risk of mounting interest.
The Federal Government is seeking the National Assembly’s approval to issue promissory notes worth ₦269.44 billion to settle debts owed to contractors and other creditors.
President Bola Tinubu made the request through a letter from the Secretary to the Government of the Federation, Senator George Akume, which the House of Representatives read in plenary in Abuja.
The President wants lawmakers to approve the creation and expansion of the Promissory Note Programme to pay off outstanding obligations.
Akume, in the letter dated August 18, 2026, and received by the Speaker’s office on October 21, said the debts totalled ₦269,446,402,822.56.
He explained that the liabilities, including contract- and project-related payments, were confirmed after a thorough review by the relevant ministries, departments, and agencies.
The SGF said the programme would offer “a structured, transparent and fiscally responsible framework” for settling the debts, and that only verified and validated claims would be admitted.
Beyond approving the issuance of the notes, the President asked lawmakers to endorse the inclusion of the identified categories of creditors and beneficiaries, subject to final verification and certification.
He also sought authorisation for the Minister of Finance and Coordinating Minister of the Economy, along with the Debt Management Office and other agencies, to implement the programme.
