He said it was judgment debt owed by the federal government through the issuance of promissory notes.
Buhari’s letter of request was read at plenary by Senate President Ahmad Lawan.
A promissory note is a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand.
It is a key piece of a home loan application and mortgage agreement, ensuring that a borrower agrees to be indebted to a lender for loan repayment.
Buhari’s letter read in part: “The Distinguished Senate President may wish to be informed that the Federal Executive Council (FEC) at its meeting of March 29, 2023 approved the liquidations of top priority judgment debts and general judgment debts owed by Ministries, Departments and Agencies (MDAs) through the issuance of promissory notes.
“The judgment debts are to be settled through the issuance of promissory notes which will then be redeemed over time through provisions in the budgets of the Federal Government of Nigeria.
“Thus debt securities have been issued for the settlement of the judgment debts and approval of the National Assembly is required for this purpose.
“In view of the foregoing, I wish to request the Senate to kindly consider and approve through its resolution the settlement of the top priority judgment debts and general judgment debts incurred by Federal MDAs in the sum of USD566,754,584.31; £98,526,012.00 and N226,281,801,881.64 through the issuance of promissory notes.
“The Honorable Attorney-General of the Federation and Minister of Justice and the Honourable Minister of Finance, Budget and National Planning shall provide any information that may be required by the Senate for the consideration of this request.”