ABUJA, Nigeria – The Senate has tasked its Committee on Foreign Loans to consider a request from former President Muhammadu Buhari concerning the issuance of promissory notes to settle judgement debts.
The request was brought up for deliberation during the Senate’s plenary session on Wednesday, May 31, 2023.
However, Senator George Sekibo intervened, raising a Point of Order and arguing that the current, 9th Senate, in its closing days, may not have adequate time to conduct a comprehensive analysis of the proposal.
He suggested that the forthcoming 10th Senate should take up the issue instead.
Despite Sekibo’s arguments, Deputy Senate President Ovie Omo-Agege, presiding over the session, ruled that the Foreign Loans Committee should proceed with the assessment of the request and return with a report within one week.
Former President Buhari, who transitioned power to President Bola Tinubu on May 29, 2023, had previously written to the National Assembly seeking parliamentary resolution to settle priority judgement debts accrued by federal Ministries, Departments, and Agencies (MDAs) through the use of promissory notes.
In Buhari’s letter, he mentioned that the Federal Executive Council had, on March 29, 2023, approved the liquidation of high-priority judgement debts by the MDAs via the issuance of promissory notes, intended to be paid off over time through budgetary provisions.
The judgement debts in question, owed by MDAs, amount to $566.7 million, £98,526.17, and N226.2 billion.
