Local debt: Nigeria government seeks amendment of Fiscal Responsibility Act
The Federal Government of Nigeria is seeking the amendment of Fiscal Responsibility Act by the National Assembly to give effect to the proposed Promissory Note and Bond Issue programme.
The government seeks clear its inherited local debts through the creation of Promissory Note and Bond Issue Programme.
When created, the programme will help to clear longstanding obligations inherited by the Buhari’s administration.
Part of the inherited debts, according to the executive, include unpaid obligations to pensioners, salaries, promotions arrears of civil servants, petroleum marketers, contractors, among others.