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Buhari Seeks Approval for Judgement Debts Settlement

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CEM REPORT, FINANCE | President Muhammadu Buhari has requested the Senate to approve different sums for the payment of judgement debts.

In the letter to the Senate, the president stated that the debts were awarded in litigations against federal ministries, departments and agencies of the federal government through the issuance of promissory notes.

The president said the judgement debts were awarded in different currencies which he summed up to $556,712,584,01; £98,526,013 and N226,280,801,801,64.

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The request was contained in a letter read by the Senate President, Ahmad Lawan, at the Senate plenary during the week.

He mentioned that the settlement of the judgment debts had been approved by the Federal Executive Council (FEC) during its meeting on March 29.

The letter is addressed as a “request for the settlement of Nigeria judgment debts secured by the federal ministries, departments and agencies through the issuance of promissory notes.”

“The distinguished Senate President may wish to be informed that the Federal Executive Council FEC in its meeting on March 29, 2023, approved the settlement of top priority judgement debts secured by federal ministries, departments, and agencies MDAs through the issuance of promissory notes,” the letter continued.

“The judgment debts have been paid off by the issuing of promissory notes, which will then be evaluated in the future to determine their validity for the federal government of Nigeria.

“Given the foregoing, I request the Senate to kindly consider and approve through its resolution, the settlement of the total judgement debts and general judgements incurred by the following MDS In the sum of USD five hundred and sixty-six million, seven hundred and twelve thousand, five hundred and eighty-four dollars, thirty-one cent.

“British Pounds, Ninety-eight million, five hundred and twenty-six thousand, fourteen cents and Two hundred and twenty-six billion, two hundred and eighty-one million, eight hundred and one thousand, eight hundred and one naira sixty-four kobo through the issuance of promissory notes.”

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The president encouraged the Senate to request from the Office of the Attorney General of the Federation and the financial team of the Ministry of Budget and National Planning for further information on the judgment debts.

“The Attorney General of the Federation and Minister of Justice and the other team of finance, budget, and national planning may provide any information that will be required for consideration of this request.”

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