President Bola Tinubu has asked the House of Representatives to approve the establishment and expansion of the Federal Government’s Promissory Note Programme to settle verified outstanding liabilities totalling approximately ₦269.4 billion.
The request was conveyed in a letter from the Secretary to the Government of the Federation, Senator George Akume, on behalf of the President and presented to lawmakers for consideration.
The liabilities, estimated at ₦269,446,402,822.56, comprise outstanding contractual obligations, project-related debts and other verified financial commitments owed by the Federal Government to various categories of creditors.
According to the communication, the proposed programme is intended to provide a structured mechanism for settling legitimate obligations following a review by relevant ministries, departments and agencies.
The President is seeking legislative approval for the issuance of promissory notes covering the verified liabilities, subject to the final verification, reconciliation and certification of claims by the appropriate government agencies.
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.
The Federal Government has argued that the arrangement would facilitate the orderly settlement of outstanding obligations without placing an immediate and disproportionate burden on government cash flow.
The programme is also expected to help the government manage its repayment commitments while addressing the concerns of creditors awaiting payment for completed projects, contractual agreements and other recognised financial obligations.
The government has further indicated that the age and magnitude of some of the outstanding liabilities make timely consideration important, particularly because delays could lead to additional interest, penalties and related costs.
However, the request remains subject to legislative consideration and approval before the proposed programme can be implemented as requested.
In a separate legislative initiative, Tinubu has also asked the National Assembly to consider an amendment to the Transfer of Convicted Offenders (Enactment and Enforcement) Act, 2004.
The proposed legislation, titled the Transfer of Convicted Offenders (Enactment and Enforcement) (Amendment) Bill, 2026, seeks to empower the President to extend the application of the law to any country with which Nigeria has entered into an agreement for the transfer of convicted offenders.
Under the proposed amendment, the President would be empowered to apply the provisions of the Act to such countries through an order published in the Federal Gazette.
The proposed change is intended to provide a broader legal framework for implementing prisoner-transfer agreements between Nigeria and foreign governments, including countries outside the Commonwealth.
Such arrangements could allow convicted persons to be transferred between Nigeria and partner countries in accordance with applicable agreements and legal requirements. Depending on the terms of an agreement, the framework could facilitate the transfer of Nigerian nationals convicted abroad to serve their sentences in Nigeria, as well as the transfer of foreign nationals convicted in Nigeria to their home countries.
The amendment would expand the reach of the existing legislation by making it easier to give legal effect to agreements with countries that may not fall within the current framework.
The President has requested that lawmakers give the proposed amendment expeditious consideration.
Both initiatives form part of the Federal Government’s requests for legislative action on outstanding financial obligations and international cooperation in the administration of criminal justice.
While the promissory note proposal concerns the settlement of verified government liabilities, the proposed amendment to the prisoner-transfer law seeks to broaden the legal arrangements under which convicted offenders may be transferred between Nigeria and other countries.
The requests will require legislative consideration before the proposed measures can take effect.
