Tinubu seeks Reps’ approval to issue N269.45bn pomissory notes

President Bola Tinubu has asked the House of Representatives to approve the issuance of Promissory Notes worth N269.45 billion to settle outstanding financial obligations of the Federal Government.

The request was conveyed in a letter signed by the Secretary to the Government of the Federation, SGF, George Akume, and read during Tuesday’s plenary by the Speaker of the House, Tajudeen Abbas.

According to the letter, the proposed promissory notes would cover unpaid contractual obligations, project-related liabilities and other verified financial commitments owed to various creditors by the Federal Government.

Abbas said the proposed expansion of the government’s Promissory Note Programme would provide an organised framework for clearing the outstanding liabilities without placing immediate pressure on government cash flow.

The administration explained that the request followed a review of outstanding obligations conducted by relevant ministries, departments and agencies, MDAs.

The letter outlined the total verified liabilities as N269,446,402,822.56, representing financial commitments arising from government contracts, projects and other obligations.

It described the initiative as the Federal Government of Nigeria Promissory Note Programme for the settlement of outstanding and verified liabilities.

The proposed issuance is expected to provide a structured approach to settling the obligations while spreading the financial impact over time.

Meanwhile, the Tinubu administration has also approached the Senate for approval to secure external loans amounting to $20.52 billion and €1.05 billion for the construction of the Lagos-Calabar Coastal Highway.

“The liabilities comprise obligations arising from outstanding contractual, project-related and other verified financial commitments of Government, with an aggregate verified amount of Two Hundred and Sixty-Nine Billion, Four Hundred and Forty-Six Million, Four Hundred and Two Thousand, Eight Hundred and Twenty-Two Naira, Fifty-Six Kobo (₦269,446,402,822.56),” the letter read.

This comes as the Tinubu on Tuesday also sought Senate approval for external loans of $20.52 billion and €1.05 billion for the construction of the Lagos-Calabar Coastal Highway.