The Federal Government has asked the House of Representatives to approve the expansion of its Promissory Note Programme to settle verified outstanding liabilities amounting to approximately ₦269.44 billion.

The request was conveyed in a letter signed by Secretary to the Government of the Federation, Senator George Akume, on behalf of President Bola Tinubu, and addressed to Speaker of the House, Abbas Tajudeen, who read it during plenary on Tuesday.

Akume explained that the proposal followed a review of outstanding financial obligations owed to various creditors, including liabilities arising from contractual agreements, projects and other verified government commitments.

According to the letter, the total verified liabilities stand at ₦269,446,402,822.56.

He said the programme was designed to provide a structured and transparent mechanism for settling legitimate obligations, ensuring that only claims properly verified and validated by relevant government agencies would qualify for payment.

The government said the initiative would also help reduce the continued accumulation of interest, penalties and other costs associated with unpaid obligations, while providing relief to affected creditors.

Akume noted that the Promissory Note Programme had previously been used to settle inherited domestic debts and contractual liabilities following approval by the Federal Executive Council and the National Assembly.

Under the proposed arrangement, the government is seeking legislative approval to establish and expand the programme, issue promissory notes to cover eligible liabilities and include the identified categories of creditors and beneficiaries, subject to further verification and certification.

The request also seeks authorisation for the Minister of Finance and Coordinating Minister of the Economy, working with the Debt Management Office and other relevant agencies, to implement the programme in line with the approvals granted by lawmakers.

The Federal Government said the arrangement would enable it to settle outstanding obligations without placing an immediate and excessive strain on its cash flow. Spreading repayments over an appropriate period, it added, would support fiscal planning and responsible debt management.

Akume stressed the need for urgent legislative consideration, warning that some liabilities had remained outstanding for a considerable period and could attract additional interest and related costs if their settlement was delayed.

He expressed the government’s expectation that lawmakers would give the proposal prompt consideration to facilitate the issuance of promissory notes and resolve the outstanding claims.