President Bola Tinubu asked the House of Representatives to approve the issuance of promissory notes valued at N269,446,402,822.56. The request aimed to settle outstanding contractual, project-related and other verified financial obligations owed by the Federal Government.
Senator George Akume, the Secretary to the Government of the Federation, conveyed the request in a letter dated August 18, 2026. Speaker Tajudeen Abbas read the letter during Tuesday’s plenary session.
Akume explained that relevant ministries, departments and agencies had reviewed the outstanding obligations. He stated that the programme would admit only claims that had been verified and validated.
In the letter, Akume wrote: “The request arises from the need to address the identified outstanding obligations owed to the various categories of creditors, as detailed in the accompanying schedule and supporting documentation.”
He further noted: “The liabilities comprise obligations arising from outstanding contractual, project-related and other verified financial commitments of Government, with an aggregate verified amount of Two Hundred and Sixty-Nine Billion, Four Hundred and Forty-Six Million, Four Hundred and Two Thousand, Eight Hundred and Twenty-Two Naira, Fifty-Six Kobo (269,446,402,822.56).”
The government said the proposed expansion of the Federal Government’s Promissory Note Programme would provide a structured mechanism for settling the liabilities. It would also limit immediate pressure on the government’s cash flow.
Tinubu sought approval for the establishment and expansion of the programme. He also requested authorisation for the Minister of Finance and Coordinating Minister of the Economy, working with the Debt Management Office and other agencies, to implement it.
The letter asked lawmakers to include the identified categories of liabilities and beneficiaries, subject to final verification. It further sought any other legislative measures needed to give full effect to the programme.
