Local debts: Buhari Seeks NASS’ Approval For Issuance Of Promissory Notes


By Kemi Yesufu, Abuja



President Muhammadu Buhari on Tuesday wrote to the National Assembly, seeking approval to issue promissory note to offset the inherited debts.


The Speaker, Yakubu Dogara  read the letter sent to the House by President Buhari at plenary.


The President said it was the decision the Federal Executive Council FEC,  to seek the approval of the House in fulfillment of the Fiscal Responsibility Act.


His letter reads in part : “I wish to convey the resolution of the Federal Executive Council (FEC), requesting the National Assembly to pass a bill to effect the promissory note and bond issuance programme to clear the long standing obligation inherited by this administration.



“The promissory note and bond issuance programme become imperative to clear all the obligations which include unpaid issuance obligations to pensioners, salaries and promotional arrears to civil servants, obligations to pay oil marketers, contractors and suppliers.”


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