Buhari Seeks Senate Approval To Pay $556m, £98m, N226bn Judgement Debts

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The President, Muhammadu Buhari has formally requested the Nigerian Senate to approve a significant sum of money totalling $566,754,584.31, £98,526,012.00, and N226 billion.

Buhari Seeks Senate Approval To Pay $556m, £98m, N226bn Judgement Debts
President Mohammadu Buhari

The funds are intended to clear a series of outstanding judgement debts before the conclusion of the current administration.

During the Senate plenary session on Wednesday, Senate President Ahmad Lawan read the letter of request from President Buhari.

In the letter, President Buhari provided an in-depth explanation regarding the purpose of these funds, clarifying that they would be utilized to settle judgement debts previously granted against various ministries, departments, and agencies (MDAs) of the Nigerian government. These debts had already been addressed through the issuance of promissory notes.

President Buhari further emphasized that the payment of these judgement debts had been endorsed by the Federal Executive Council (FEC).

“The FEC, during its meeting on March 29, 2023, approved the settlement of top-priority judgement debts obtained by federal ministries, departments and agencies MDAs through the issuance of promissory notes, the letter read in part.

“The judgement debts have been settled through the issuance of promissory notes which will then be reviewed over time for the convenience of the federal government or of Nigeria.

President Buhari’s request for the approval of these funds comes at a critical juncture, with his departure from office just around the corner.

After eight years of serving as the President of the Federal Republic of Nigeria, Buhari’s tenure is set to conclude on Monday.

As part of his commitment to resolving outstanding matters before leaving office, the President has sought the Senate’s approval for the allocation of funds necessary to settle these judgement debts.

The Nigerian Senate will now deliberate on President Buhari’s request and assess its merits in a bid to ensure transparency and accountability. The decision taken by the Senate on this matter will play a significant role in shaping the financial landscape as the nation transitions to a new administration.

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