President Bola Tinubu has asked the House of Representatives to approve the issuance of promissory notes worth ₦269.45bn to settle verified outstanding contractual and other financial obligations owed by the Federal Government.
The request, contained in a letter dated August 18, 2026, was presented by Speaker Tajudeen Abbas during Tuesday’s plenary.
Transmitted through the Secretary to the Government of the Federation, George Akume, the letter seeks approval to establish and expand the Federal Government’s Promissory Note Programme to provide a structured framework for settling the liabilities.
The total amount proposed is ₦269,446,402,822.56.
Akume said the request followed a comprehensive review of outstanding claims by relevant ministries, departments and agencies, adding that only verified and validated obligations would qualify for settlement.
He explained that the programme would enable the government to meet its financial commitments without placing excessive pressure on its immediate cash flow.
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According to him, the arrangement would also help prevent further accumulation of interest, penalties and other costs arising from delayed payments, while reinforcing creditors’ confidence in the government’s commitment to honour legitimate obligations.
The SGF noted that the government had previously used the promissory note programme to settle inherited domestic debts and outstanding contractual commitments.
Under the latest proposal, lawmakers are being asked to authorise the issuance of promissory notes up to ₦269.45bn, or another amount they consider appropriate, to cover the listed liabilities.
The request also seeks authorisation for the Minister of Finance and Coordinating Minister of the Economy to work with the Debt Management Office and other relevant agencies to implement the programme.
Akume urged the National Assembly to consider the proposal urgently, citing the age and scale of some outstanding claims and the risk of additional costs if settlement was delayed.
He added that a detailed schedule containing the categories of liabilities, beneficiaries, amounts owed and supporting documents had been submitted to lawmakers for scrutiny.
The proposal remains subject to legislative approval, verification of the claims and compliance with applicable public debt management regulations.
