The Senate has urged the Federal Government to make settling outstanding debts a top priority by issuing Promissory Notes. This move aims to address reimbursement debts owed to states, as well as judgment debts and other liabilities incurred by various Ministries, Departments, and Agencies.
The resolution came during a plenary session on Tuesday, following a report from the Committee on Local and Foreign Debts concerning the Promissory Notes Program. This program specifically addresses refunds to the Kebbi and Nasarawa State Governments for airport projects constructed on behalf of the Federal Government.
Earlier this year, in May, the Senate considered President Bola Tinubu’s request to launch a Promissory Note program. This initiative includes a reimbursement of N15.1 billion to Kebbi State and N9.5 billion to Nasarawa State for the recent airport constructions.
As a result, the Senate has approved the Promissory Note program to resolve outstanding claims and liabilities owed to the Kebbi and Nasarawa State Governments.
