Tinubu Seeks Reps’ Approval for N269.45bn Debt Settlement

​President Bola Tinubu has formally requested the House of Representatives to greenlight the issuance of promissory notes valued at N269.45bn. The proposed financial instrument aims to clear a backlog of outstanding contractual, project-related, and verified financial obligations owed by the Federal Government to various creditors.

​The request was formally transmitted through a letter dated August 18, 2026, and read during Tuesday’s plenary session by the Speaker of the House, Tajudeen Abbas. Signed by the Secretary to the Government of the Federation, Senator George Akume, the communication pegs the exact verified liabilities at N269,446,402,822.56.

​According to the executive, expanding the Federal Government’s Promissory Note Programme will introduce a structured, transparent mechanism to settle lingering public debts. Crucially, the administration emphasized that the arrangement is designed to ease immediate cash-flow pressures on public finances by spreading repayment obligations over a sustainable tenor aligned with prudent debt management principles.

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​The SGF noted that the claims underwent comprehensive review and validation by relevant Ministries, Departments, and Agencies to ensure that only legitimate commitments are admitted into the settlement framework. Furthermore, officials highlighted that proactive resolution of these long-standing debts will avert further accumulation of interest, penalties, and associated costs, while restoring creditor confidence in the government’s fiscal commitments.

​The National Assembly is now expected to scrutinize the detailed schedules of beneficiaries and categories of liabilities before granting final authorization to the Minister of Finance and Coordinating Minister of the Economy, alongside the Debt Management Office, to execute the programme.