Buhari Demand Senate’s Approval To Pay $556m, £98m, N226bn Judgement Debts

 President Muhammadu Buhari has requested the Senate's approval for a substantial amount of money to pay off judgement debts. The request was made in a letter that was read out by Senate President Ahmad Lawan, which contained details of the requested amount: $566.8 million, £98.5 million and N226.81 billion. The purpose of the funds is to settle outstanding debts, and the President has stressed the importance of this in his request to the Senate.

The government has received approval to pay off the judgment debts owed by the Federal Government through the issuance of promissory notes. These debts are to be settled through the issuance of promissory notes, which will then be redeemed over time through provisions in the budgets of the Federal Government of Nigeria. The government has issued debt securities for the settlement of the judgment debts, and approval of the National Assembly is required for this purpose. The Senate has been requested to consider and approve the settlement of the judgment debts incurred by federal MDAs in the sum of USD566,754,584.31, £98,526,012.00 and N226,281,801,881.64 through the issuance of promissory notes. The Attorney-General of the Federation and Minister of Justice and the Minister of Finance, Budget and National Planning will provide any information that may be required by the Senate to consider this request.


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