The request, contained in a letter dated 18 August 2026, was read by the Speaker of the House, Tajudeen Abbas, during plenary on Tuesday.
The proposed issuance, valued at N269,446,402,822.56, forms part of plans to expand the Federal Government’s Promissory Note Programme to provide a structured mechanism for settling outstanding liabilities while easing immediate pressure on government cash flow.
In the letter signed by the Secretary to the Government of the Federation, Senator George Akume, Tinubu sought legislative approval for the establishment and expansion of the programme and the issuance of promissory notes to cover the outstanding obligations.
Akume said the request followed a comprehensive review of liabilities by relevant ministries, departments and agencies, adding that only claims that had been duly verified and validated would qualify for settlement.
“I write to convey the compliments of His Excellency, President Bola Ahmed Tinubu, GCFR, and transmit for the consideration and approval of the National Assembly the request for the establishment and expansion of the Federal Government of Nigeria Promissory Note Programme for the settlement of outstanding and verified liabilities of the Federal Government,” the letter stated.
He said the proposal was intended to address outstanding obligations owed to different categories of creditors, as detailed in the accompanying schedule and supporting documents.
According to the SGF, the President approved the proposal following a comprehensive review of the liabilities, with the aim of establishing an orderly framework for meeting the government’s financial commitments.
“The proposed programme is intended to provide a structured, transparent and fiscally responsible framework for settling the outstanding obligations, while ensuring that only duly verified and validated claims are admitted for settlement,” Akume said.
He added that implementation would comply with applicable laws, existing financial regulations and established public debt management procedures.
The SGF said the arrangement would also help prevent the further accumulation of interest, penalties and other costs associated with unpaid obligations, while providing relief to affected creditors and strengthening confidence in the government’s commitment to honouring legitimate financial obligations.
Akume noted that the Federal Government had previously used the Promissory Note Programme to settle inherited domestic debts and contractual obligations.
He explained that the earlier programme received approval from the Federal Executive Council before being submitted to the National Assembly for legislative approval.
The House of Representatives is expected to consider the President’s request as part of the legislative process for expanding the programme.
