President Bola Tinubu has requested the House of Representatives to approve the issuance of promissory notes value N269.45 billion to settle excellent monetary 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 browse throughout Tuesday’s plenary by the Speaker of the House, Tajudeen Abbas.
According to the letter, the proposed promissory notes would cowl unpaid contractual obligations, project-related liabilities and different verified monetary commitments owed to numerous collectors by the Federal Government.
Abbas stated the proposed enlargement of the federal government’s Promissory Note Programme would supply an organised framework for clearing the excellent liabilities with out putting rapid stress on authorities money circulation.
The administration defined that the request adopted a overview of excellent obligations performed by related ministries, departments and companies, MDAs.
The letter outlined the whole verified liabilities as N269,446,402,822.56, representing monetary commitments arising from authorities contracts, tasks and different obligations.
It described the initiative because the Federal Government of Nigeria Promissory Note Programme for the settlement of excellent and verified liabilities.
The proposed issuance is anticipated to present a structured strategy to settling the obligations whereas spreading the monetary affect over time.
Meanwhile, the Tinubu administration has additionally approached the Senate for approval to safe exterior loans amounting to $20.52 billion and €1.05 billion for the development of the Lagos-Calabar Coastal Highway.
“The liabilities comprise obligations arising from outstanding contractual, project-related and other verified financial commitments of the 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 learn.
This comes as Tinubu on Tuesday additionally sought Senate approval for exterior loans of $20.52 billion and €1.05 billion for the development of the Lagos-Calabar Coastal Highway.
