President Buhari seeks NASS approval to offset local debts

The House of Representatives Tuesday received a letter from President Muhammadu Buhari seeking approval from the National Assembly to enable him offset inherited local debts.

In the letter, read by speaker Yakubu Dogara, Buhari alleged that his administration inherited colossal amount of debt on assumption of office.

It was further stated that it was the decision of the Federal Executive Council, FEC, to seek the approval in fulfilment of the fiscal responsibility act.

“I wish to convey the resolution of the Federal Executive Council (FEC), requesting the National Assembly to pass a bill to effect the promissory note and bond issuance programme to clear the long standing obligation inherited by this administration.

“The promissory note and bond issuance programme become imperative to clear all the obligations which include unpaid issuance obligations to pensioners, salaries and promotional arrears to civil servants, obligations to pay oil marketers, contractors and suppliers”, Buhari stated.