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N2.2tn debt: FG plans to settle marketers, others with promissory notes

The Federal Government will settle its N2.2tn indebtedness to contractors and oil marketers among other liabilities through the issuance of a 10-year promissory note, SUNDAY PUNCH has learnt.

A promissory note is a debt instrument which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time, under specific terms.

The Muhammadu Buhari government inherited the debts which included the N650bn unpaid subsidy payment due to oil marketers from the previous administrations.

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