President Bola Tinubu has asked the House of Representatives to approve ₦269.45 billion in promissory notes to settle outstanding federal liabilities. The request covers contractual, project-related and other financial commitments owed to creditors, according to a letter read at Tuesday’s plenary.
Speaker Tajudeen Abbas presented the request on 27 October. Secretary to the Government of the Federation George Akume signed the letter conveying the President’s proposal to establish and expand the Federal Government’s Promissory Note Programme.
The letter was dated 18 August 2026. Its reading in the chamber on Tuesday brought the request into the House’s publicly reported proceedings.
The aggregate amount specified is ₦269,446,402,822.56. The government described the obligations as verified, while also making the inclusion of beneficiaries subject to final verification, reconciliation and certification by the appropriate agencies.
Tinubu is seeking legislative authority to issue the notes for the scheduled liabilities. He also wants the Minister of Finance and Coordinating Minister of the Economy, working with the Debt Management Office and other agencies, authorised to implement the programme.
The request remains a proposal before lawmakers. Its presentation does not establish that the House has approved the amount, that notes have been issued or that creditors have received payment. The supporting schedule was described as accompanying the letter.
Akume said relevant ministries, departments and agencies had reviewed the outstanding obligations. According to the letter, the arrangement would admit validated claims and operate under applicable financial regulations and public debt management procedures.
He argued that settlement through the programme would reduce the immediate burden on government cash flow by spreading repayment commitments over an appropriate period. He also cited the age of the liabilities and the possibility of further interest, penalties and associated costs.
Those are the government’s stated reasons for seeking approval. The parliamentary reports do not establish the individual repayment periods or the terms to be offered to each creditor. The amount ultimately authorised remains subject to legislative consideration.
The request also refers to the government’s previous use of promissory notes to settle inherited domestic debts and contractual obligations. Akume said the earlier programme had received Federal Executive Council approval before being submitted to the National Assembly.
The new submission asks lawmakers to approve the identified categories of liabilities and beneficiaries, alongside the issuance itself. Final checks by the responsible agencies would therefore remain part of implementation even after any legislative approval.
PUNCH and New Telegraph reported the presentation of the request during Tuesday’s proceedings. The original letter and its detailed beneficiary schedule have not been made available to Podium, so individual creditors and project allocations cannot be identified from the material obtained.
The proposal is distinct from Tinubu’s supplementary external borrowing request, also presented to lawmakers on Tuesday. That separate submission sought approval for dollar- and euro-denominated facilities for development programmes. The naira-denominated promissory-note request concerns settlement of outstanding federal obligations.
Akume urged prompt consideration, saying early approval would allow the government to begin the processes necessary to issue the instruments. The House must consider the request before the proposed programme can proceed on the legislative authority sought by the President.
Archive photograph: Prime Minister’s Office, Government of India / PIB, 17 November 2024. President Tinubu meeting Narendra Modi in Abuja; not the October 2026 debt submission. Source. Government Open Data Licence India. No endorsement implied.
