FG approves payment of N2.7tn debts to pensioners, contractors

Olalekan Adetayo, Abuja

The Federal Executive Council on Wednesday approved a proposal presented by the Ministry of Finance to offset accumulated Federal Government’s N2.7tn debts.

The Minister of Finance, Mrs. Kemi Adeosun, disclosed this to State House correspondents at the end of the weekly meeting of the Council presided over by the Acting President, Yemi Osinbajo, at the Presidential Villa, Abuja.

Adeosun said the obligations that accumulated over the last two decades would be paid through bond and promissory note issuance.

She said the inherited and long outstanding Federal Government’s obligations included those being owed contractors, state governments and employees.

She said with the council’s approval, the government would make a request to the National Assembly to approve the programme ahead of implementation.

READ ALSO :  Checkout Photos Of Bishop Mathew Kukah As He Meets President Buhari Today 

The obligations, according to her, largely consisted of dues owed state governments, oil marketers, power generation and distribution companies, suppliers, and contractors by government’s parastatals and agencies, payments due under the Export Expansion Grant, outstanding judgement balances as well as pension and other benefits to Federal Government employees.

She said the resolution of some of the obligations that dated back as far as 1994 would significantly enhance liquidity in critical sectors of the economy.

Share This With Your Friends

ADS:- CLICK HERE TO ADVERTISE WITH US OR SUMMIT AN ARTICLE

My Name is Williams, the Founder/CEO of this Blog, I am a full time Blogger and Social Media Publicist. I'm an undergraduate of FUTMINNA. Kindly Subscribe above to get our latest News via Your Email. Its Nice Having You Here.

Leave a Reply

Your email address will not be published. Required fields are marked *