The Federal Executive Council on Wednesday gave approval for the commencement of validation and payment of N2.7 trillion inherited Federal Government debts to contractors and employee liabilities.
The obligations which were accumulated over 20 years and will be paid through bond and promissory note issuance, to resolve long outstanding dues and stimulate economic activity, Minister of Finance Kemi Adeosun told newsmen at the Post FEC briefing.
The approval came following a memo by the Ministry of Finance on the proposed validation process and promissory note and debt issuance programme to resolve a number of inherited and long outstanding Federal Government (FG) obligations to contractors, State governments and employees.
Adeosun said the approval will be followed by a request to the National Assembly to approve the programme ahead of implementation.
nd payment of N2.7trillion inherited Federal Government debts to contractors and employee liabilities.
The obligations which were accumulated over 20 years and will be paid through bond and promissory note issuance, to resolve long outstanding dues and stimulate economic activity, Minister of Finance Kemi Adeosun told newsmen at the Post FEC briefing.
The approval came following a memo by the Ministry of Finance on the proposed validation process and promissory note and debt issuance programme to resolve a number of inherited and long outstanding Federal Government (FG) obligations to contractors, State governments and employees.
Adeosun said the approval will be followed by a request to the National Assembly to approve the programme ahead of implementation.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
