Reps want prompt payment of top priority judgment debts incurred by MDAs on promissory notes (Video)

The House of Representatives has tasked the Federal Government to place priority on payment of judgment debt incurred by Government Ministries, Departments and Agencies (MDAs).

This followed the adoption of a motion by Rep. Lanre Okunlola (APC-Lagos) at plenary in Abuja on Thursday.

Presenting the motion, Okunlola said there was need to resolve the judgment debts by MDAs through promissory notes.

He said the judgment debts posed financial burden on the nation’s finances, saying that the judgment debts were top-priority obligations that required prompt resolution to ensure financial stability and reputation of the government.

He said it was essential to address these judgment debts in a responsible and transparent manner.

“The House has acknowledged the existence and magnitude of the judgment debt incurred by MDAs,” he said.

The House also mandated its Committee on Aids, Loans and Debt Management to oversee the process of issuing promissory notes and report back for further legislative action.

The title of the motion reads in full:

“Urgent need to ensure the prompt payment of top priority judgement debt incurred by MDAs through Promissory Notes.”

NOTES
The need for resolving top priority judgement debt incurred by MDA through the issuance of promissory notes in the Sum USD 556,754,584.31 GB398, 526.17 and N 226,281,801,881.64

CONCERNED
The various Ministries, Departments and Agencies (MDAs) of government have incurred substantial judgement debt totaling the sum of USD 556,754,584.81, GB 98,526.17 and N 226,281,801,881.64 which pose a significant financial burden on our nation’s finances.

FURTHER CONCERNED
These judgement debts are top priority obligations that requires prompt resolution to ensure the financial stability and reputation of our government.

COGNIZANT
It is essential to address these judgement debts in a responsible and transparent manner.
The House resolves;
(1) Investigate the existence and magnitude of the judgement debt incurred by MDAs.

(2) Recognizes the urgency of addressing these judgement debts to safeguard the financial stability of our government.

(3) Authorise the issuance of Promissory Note to settle these judgement debts.
(4) The Committee on Aids, Loans and Debt Management to oversee the process of issuing promissory notes and report to the House accordingly.