President Bola Tinubu has asked the National Assembly to approve the establishment and expansion of the Federal Government’s Promissory Note Programme to settle outstanding verified liabilities totalling ₦26944bn.
This was contained in a letter by the Secretary to the Government of the Federation, Senator George Akume which was read on the floor of the House during plenary in Abuja
The request is aimed at addressing outstanding contractual, project-related and other financial obligations owed to various categories of creditorsIn a letter dated August 18, 2026, and received by the Office of the Speaker on October 21, Akume said the liabilities amounted to ₦269,446,402,822.56, following a comprehensive review by relevant ministries, departments and agencies.
He said Tinubu had approved the proposal to establish and expand the programme as a mechanism for settling the verified obligationsAccording to the letter, the programme is designed to provide “a structured, transparent and fiscally responsible framework” for settling the outstanding debts, while ensuring that only verified and validated claims are admitted.
The President is seeking legislative approval for the issuance of promissory notes worth ₦26944bn, or such other amount as may be approved by the National Assembly, to settle the liabilities contained in the accompanying schedule.The request also seeks approval for the inclusion of the identified categories of liabilities and beneficiaries in the programme, subject to final verification, reconciliation and certification by the relevant government agencies.
Tinubu further asked the National Assembly to authorise the Minister of Finance and Coordinating Minister of the Economy, in collaboration with the Debt Management Office and other relevant agencies, to take the necessary steps to implement the programmeAkume explained that the proposal was intended to mitigate the continued accumulation of interest, penalties and other financial costs associated with the outstanding obligations.
He said the arrangement would also provide relief to affected creditors and strengthen confidence in the Federal Government’s commitment to honouring legitimate contractual and other obligationsThe SGF noted that the Federal Government had previously used the Promissory Note Programme to settle inherited local debts and contractual obligations, following Federal Executive Council approval and subsequent National Assembly approval.
He added that the proposed arrangement was expected to facilitate the orderly settlement of the liabilities without imposing an immediate and disproportionate cash-flow burden on the Federal GovernmentAccording to the letter, the programme would also support fiscal planning by spreading repayment obligations over an appropriate period in line with prudent debt management principles.
Akume urged the House to give the request urgent consideration, citing the magnitude and age of some of the outstanding liabilities and the possibility of further accumulation of interest and associated costsHe said early legislative approval would enable the Federal Government to commence the necessary processes for issuing the promissory notes and bringing the affected liabilities to a close.
The detailed schedule of the liabilities, including the relevant categories, beneficiaries, amounts and supporting documentation, was forwarded to the National Assembly for consideration