The House of Representatives has decided to supervise the issuing of promissory notes for the judgement debts incurred by the Federal Government, which amount to $556,754,584.31, £398,526.17, and N226,281,801,881.64.
The Representatives during a plenary session on Thursday, emphasised the necessity for the Federal Government’s ministries, departments, and agencies to use promissory notes to pay off significant judgement debts.
The resolution was a response to a motion that was adopted by Mr. Lanre Okunlola, a member of Lagos State’s Surulere Federal Constituency.
In support of his appeal, Okunlola encouraged his colleagues to keep in mind the judgement debt profile accumulated by the MDAs, stating that doing so would significantly increase the Federal Government’s capacity to maintain its financial stability.
Okunlola tasked the Bola Tinubu-led administration with issuing promissory notes to pay off the massive judgement debt.
According to him:
“The House is aware that various MDAs of Government have incurred substantial judgment debts totalling the sum of $556,754,584.81, GB98,526.17, and N226,281,801,881.64, which put a significant burden on the nation’s finances.
“The House is concerned that the judgment debts are top-priority obligations that require prompt resolution to ensure the financial stability and reputation of the government.
“The House is cognizant that it is essential to address these judgment debts responsibly and transparently.”
The Committee on Aids, Loans, and Debt Management was ordered by the House to allow the issuance of promissory notes and submit a report for additional legislative action.
cc: Punch Ng
