Tinubu asks Reps to approve N269.45bn promissory notice for verified liabilities

President Bola Tinubu has requested for the approval of about N269.45 billion promissory notice by the House of Representatives, for the settlement of some verified federal authorities’s liabilities.

The communication transmitted via the Secretary to the Government of the Federation (SGF), Sen. George Akume was learn by the Speaker of the House, Hon. Abbas Tajudeen, throughout plenary on Tuesday.

He mentioned the request is for the fee of assorted classes of collectors, including that the liabilities comprise obligations arising from excellent contractual, project-related, and different verified monetary commitments of the federal government, amounting to an mixture of N269,446,402,822.56.

“The request arises from the need to address the identified outstanding obligations owed to the various categories of creditors,” the letter dated 18th August, 2026 partly said.

It said additional that: “The proposed programme is meant to offer a structured, clear and fiscally accountable framework for settling the excellent obligations, whereas guaranteeing that solely duly verified and validated claims are admitted for settlement.

“The implementation can be undertaken in accordance with relevant legal guidelines, extant monetary rules and established procedures for public debt administration.

“The proposal can also be meant to mitigate the continued accumulation of curiosity, penalties and different monetary prices related to the excellent liabilities, whereas offering aid to affected collectors and strengthening confidence within the federal authorities’s dedication to honouring authentic contractual and different obligations.

“It is pertinent to note that the federal government’s Promissory Note Programme has previously been utilised as an instrument for the settlement of inherited local debts and contractual obligations.”