The House of Representatives has resolved to oversee the issuance of promissory notes for the judgement debts totalling $556,754,584.31, £398,526.17 and N226,281,801,881.64 incurred by the Federal Government.
The lawmakers, at a plenary session on Thursday, highlighted the need for the payment of critical judgement debts owed by the Federal Government’s ministries, departments and agencies with promissory notes.
The resolution was a sequel to the adoption of a motion by the lawmaker representing Surulere Federal Constituency, Lagos State, Mr Lanre Okunlola.
Justifying his call, Okunlola urged his colleagues not to lose sight of the judgement debt profile incurred by the MDAs, adding that addressing the debts would go a long way in ensuring the financial stability of the Federal Government.
Okunlola charged the President Bola Tinubu-led government to address the huge judgement debts with the issuance of promissory notes.
“The House is aware that various MDAs of Government have incurred substantial judgement debts totalling the sum of $556,754,584.81, GB98,526.17, and N226,281,801,881.64, which put a significant burden on the nation’s finances.
“The House is concerned that the judgement debts are top-priority obligations that require prompt resolution to ensure the financial stability and reputation of the government.
“The House is cognizant that it is essential to address these judgement debts responsibly and transparently.”
As a result, the House mandated the Committee on Aids, Loans, and Debt Management to authorize the process of issuing promissory notes and submit a report for further legislative action.