By Nathaniel Zacchaeus, Abuja
Barely four days to the end of his administration, President Muhammadu Buhari yesterday asked the Senate to approve a request to pay judgment debt for $566,754,584.31, £98,526,012.00, and N226,281,801,881.64.
He said it was judgement debt owed by the Federal Government through the issuance of promissory notes.
Buhari’s letter of request was read at plenary by Senate President Ahmad Lawan.
A promissory note is a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand.
It is a key piece of a home loan application and mortgage agreement, ensuring that a borrower agrees to be indebted to a lender for loan repayment.
Buhari’s letter reads in part, “The Distinguished Senate President may wish to be informed that the Federal Executive Council (FEC) at its meeting of March 29, 2023, approved the liquidations of top priority judgement debts and general judgement debts owed by Ministries, Departments, and Agencies (MDAs) through the issuance of promissory notes.
“The judgement debts are to be settled through the issuance of promissory notes which will then be redeemed over time through provisions in the budgets of the Federal Government of Nigeria.
“Thus debt securities have been issued for the settlement of the judgement debts and approval of the National Assembly is required for this purpose.
“Given the foregoing, I wish to request the Senate to kindly consider and approve through its resolution the settlement of the top priority judgement debts and general judgement debts incurred by Federal MDAs in the sum of USD566,754,584.31, £98,526,012.00 and N226,281,801,881.64 through the issuance of promissory notes.
“The Honourable Attorney-General of the Federation and Minister of Justice and the Honourable Minister of Finance, Budget and National Planning shall provide any information that may be required by the Senate for the consideration of this request.”
*Senate Bill seeking compensation for #EndSARS victims, scales second reading
Meanwhile, the Senate yesterday passed for second reading, a bill seeking to compensate victims of #EndSARS protests in Nigeria.
The proposed legislation was titled, “A Bill for an Act to Amend the National Emergency Management Agency (NEMA) Act”
It was sponsored by Senator Gershom Bassey (PDP Cross-River).
Bassey, in his lead debate, said the bill seeks to provide for the establishment of the #EndSARS Victims Compensation Fund.
In his lead debate, the Senator said, “Distinguished colleagues, you may recall that there were the #EndSARS nationwide protests in October 2020.
“Judicial panels of inquiry were constituted to address the demands of protesters and compensation for verified victims of the #EndSARS protest.
“The findings of the judicial panels of inquiry and the Senate Joint Committee on #EndSARS revealed the killing of protesters, destruction of private and public properties by rampaging hoodlums, who seized and took over the protest vandalizing and looting valuable assets.
“However, the implementation of the recommendation of all the panels and committees regarding compensation has been very discouraging.”
According to him, the victims have been left to continually groan under the pains of injury inflicted by hoodlums during the #EndSARS protest.
He said the eventual establishment of the fund and implementation of the recommendation of the judicial panel of inquiry and Senate Joint Committee on #EndSARS would certainly bring succour to the victims of the 2020 #EndSARS nationwide protest.
“Mr President, distinguished colleagues, it is my prayer that you support this amendment bill that seeks to bring hope to the victims of the 2020 #EndSARS protest,” he said.
President of the Senate, Ahmed Lawan, therefore, referred the bill to Committee on Special Duties for further legislative input and to report back to the plenary in one week.
