President Bola Ahmed Tinubu has asked the National Assembly to approve the issuance of promissory notes worth N269.45 billion to settle outstanding contractual, project-related and other verified financial obligations owed by the Federal Government to various creditors.
The request, valued at N269,446,402,822.56, was conveyed to the House of Representatives in a letter dated August 18, 2026, and read by the Speaker, Tajudeen Abbas, during plenary on Tuesday.
The proposal is part of efforts to expand the Federal Government's Promissory Note Programme, providing a structured mechanism for settling inherited and outstanding liabilities while reducing immediate pressure on government cash flow.
In the letter signed by the Secretary to the Government of the Federation, Senator George Akume, the President sought legislative approval for the establishment and expansion of the programme to accommodate the outstanding obligations.
Akume explained that the request followed a comprehensive review of liabilities by relevant ministries, departments and agencies, stressing that only claims that had been duly verified and validated would qualify for settlement.
According to him, the programme is designed to provide a transparent and fiscally responsible framework for meeting the government's financial commitments.
He noted that the arrangement would also help prevent further accumulation of interest, penalties and other costs arising from unpaid obligations, while providing relief to affected creditors and boosting confidence in the government's commitment to honouring legitimate financial commitments.
The SGF further explained that the Federal Government had previously deployed the Promissory Note Programme to settle inherited domestic debts and contractual obligations.
He recalled that the earlier programme received approval from the Federal Executive Council before being forwarded to the National Assembly for legislative consideration.
Akume assured that the proposed programme would be implemented in line with applicable laws, existing financial regulations and established public debt management procedures.
The House of Representatives is expected to consider the President's request as part of the legislative process for expanding the Federal Government's Promissory Note Programme.
