Abuja, May 24, 2023 – President Muhammadu Buhari on Wednesday sought the approval of the Senate to repay judgment debts of $566,754,584.31, £98,526,012.00 and N226 billion.
He said the debts were incurred through the issuance of promissory notes.
Buhari’s letter of request was read at the plenary by Senate President Ahmad Lawan on Wednesday.
Promissory note is a legal instrument, in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time or on demand of the payee, under specific terms and conditions.
The Debt Management Office (DMO) said Nigeria’s debt stock had been increasing due to a combination of several factors, including borrowings and the continued issuing of promissory notes by the federal government.
Patience Oniha, the Director-General of DMO, said several loans had been contracted by the Federal Government from multilateral and bilaterals by issuing promissory notes to settle obligations for which it did not really have the revenue. (GBN)
