Reps urge FG to clear N226bn, $556m, £398,526 judgment debts
The House of Representatives has decided to supervise the issuing of promissory notes for the Federal Government’s judgment obligations, which total $556,754,584.31, £398,526.17, and N226,281,801,881.64.
In a plenary session on Thursday, the parliamentarians emphasized the necessity of using promissory notes to pay off significant judgment debts due by the federal government’s ministries, departments, and agencies.
The resolution followed the acceptance of a motion by Mr. Lanre Okunlola, a legislator from Lagos State’s Surulere Federal Constituency.
Okunlola defended his call by urging his colleagues to keep in mind the judgment debt profile accumulated by the MDAs and stressing that dealing with the debts will significantly increase the financial stability of the Federal Government.
Okunlola demanded that the administration of President Bola Tinubu deal with the massive judgment debts by issuing promissory notes.
The House is aware that numerous government MDAs have accumulated sizeable judgment debts totaling $556,754,584.81, GB98,526.17, and N226,281,801,881.64 that have placed a major strain on the economy.
The judgment debts are a top priority duty that needs to be resolved very away in order to preserve the government’s finances and reputation, according to the House.
The House is aware that dealing with these judgment debts carefully and openly is crucial.
The Committee on Aids, Loans, and Debt Management was ordered by the House to authorize the issuance of promissory notes and submit a report for additional legislative action.
