Buhari Seeks Senate Approval for $566.7m, £98.5m, N226bn to Settle Judgment Debts"

 In a last-minute move before the end of his administration, President Muhammadu Buhari has requested the Senate's approval for the sum of $566,754,584.31, £98,526,012.00, and N226 billion to settle outstanding judgement debts. The letter of request was read by the Senate President, Ahmad Lawan, during a plenary session on Wednesday.

According to President Buhari, the funds are required to clear judgement debts that were previously settled through promissory notes but have now become due. These judgement debts were granted against various ministries, departments, and agencies (MDAs) of the federal government. The President further explained that the payment of these debts had already been approved by the federal executive council.

During its meeting on March 29, 2023, the Federal Executive Council (FEC) approved the settlement of priority judgement debts secured by federal MDAs through the issuance of promissory notes. These promissory notes serve as a means to settle the debts while providing the federal government or Nigeria with the flexibility to review the payments over time.

President Buhari's request comes just a few days before the end of his eight-year tenure as the President of the Federal Republic of Nigeria. As the country transitions to a new administration, it is important to address outstanding financial obligations, including judgement debts. The President's intention to settle these debts underscores the government's commitment to fulfilling its financial responsibilities and maintaining its credibility.

The Senate, as the upper chamber of Nigeria's National Assembly, will now deliberate on the President's request and decide whether to grant approval for the requested funds. Their decision will have significant implications for the government's ability to meet its financial obligations and manage its fiscal position effectively.

While it is common for outgoing administrations to make last-minute requests or decisions, it is crucial that the Senate thoroughly evaluates the merits of the request. They must ensure that the funds are genuinely required for legitimate judgement debts and that the settlement process is transparent and accountable.

As President Buhari's presidency comes to an end, it is essential for the incoming administration to continue prioritizing fiscal responsibility and effective management of the nation's finances. Addressing outstanding judgement debts is one step towards ensuring a stable and sustainable financial environment for Nigeria.

Regardless of the Senate's decision, the request for approval of the funds highlights the importance of effective debt management and the need for a proactive approach to resolving financial obligations. It also emphasizes the significance of maintaining robust fiscal policies that prevent the accumulation of large judgement debts in the future.

As Nigeria enters a new era under different leadership, it is hoped that transparency, accountability, and prudent financial management will continue to be key priorities. Resolving outstanding judgement debts promptly will contribute to a stronger financial footing for the country and foster confidence among investors, both domestic and international.

Ultimately, it is crucial for the Senate to carefully consider President Buhari's request, taking into account the best interests of the nation and the long-term implications of settling these outstanding debts.