The House of Representatives has decided to investigate a judgment debt of N226,281,801,881.64 that was accrued by government Ministries, Departments, and Agencies (MDAs).
Additionally, the lower legislative chamber has acknowledged the importance of promptly addressing these judgment debts to protect the government’s financial stability.
This parliamentary decision was made following the adoption of a motion on the urgent necessity of ensuring the swift settlement of high-priority judgment debts incurred by MDAs through Promissory Notes. The motion was presented during a plenary session by Hon. Lanre Okunlola.
During his presentation, the lawmaker elaborated that these judgment debts represent high-priority obligations that must be resolved promptly to maintain the government’s financial stability and reputation. He emphasized the need to handle these judgment debts in a responsible and transparent manner.
Okunlola said: “The various Ministries, Departments and Agencies (MDAs) of government have incurred substantial judgement debt totaling the sum of $556,754,584.81, £98,526.17 and N 226,281,801,881.64 which pose a significant financial burden on our nation’s finances.”
Following the adoption of the motion, the House resolved to: “Investigate the existence and magnitude of the judgement debt incurred by MDAs.
“Recognizes the urgency of addressing these judgement debts to safeguard the financial stability of our government.
“Authorise the issuance of Promissory Note to settle these judgement debts.”
The House further directed its Committee on Aids, Loans, and Debt Management to supervise the issuance of promissory notes and provide a subsequent report on the matter.
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