The Senate has asked its Committee on Foreign Loans to work on former President Muhammadu Buhari’s request for the issuance of promissory notes to settle judgement debts.
The request was up for consideration during Wednesday’s plenary session.
However a federal lawmaker, Senator George Sekibo raised a Point of Order, arguing that the 9th Senate cannot pass the request as it is winding down and does not have enough time to do a thorough analysis of the request.
He proposed that the incoming 10th Senate should handle the matter.
The Deputy Senate President, Ovie Omo-Agege, who presided over the plenary, however ruled that the Foreign Loans Committee should work on the request and return with a report in one week.
Buhari, who handed over to President Bola Tinubu on May 29, had written to the National Assembly requesting the resolution of parliament to settle priority judgement debts incurred by federal Ministries, Departments and Agencies (MDAs) through the issuance of promissory notes.
Buhari had said the Federal Executive Council on March 29, 2023 approved the liquidation of top priority judgement debts by the MDA’s through the issuance of promissory notes which will be redeemed over time through budgetary provisions.
The judgement debts incurred by MDA’s are $566.7 million, £98,526.17, N226.2 billion.
