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.
According to Akume, the move would stop the debts from attracting more interest, penalties and other charges.
He said it would also ease the burden on affected creditors and reassure them of the government’s resolve to meet its legitimate obligations.
The SGF noted that the programme had previously been used to settle inherited domestic debts and contractual liabilities after approval by the Federal Executive Council and the National Assembly.
He added that the scheme would enable the government to settle the debts gradually without straining its finances, in line with sound debt management principles.
Akume appealed to the House to consider the request urgently, given the size and age of some of the liabilities and the risk of mounting interest.
He said quick approval would allow the government to begin issuing the promissory notes and bring the matter to a close.
A detailed schedule of the debts, including beneficiaries, amounts and supporting documents, accompanied the request.
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