Oil marketing companies and players of other sectors are among the beneficiaries of the promissory notes issued by the Federal Government, and valued at N968.09 billion, the Debt Management Office (DMO) has revealed.
The DMO, in a document obtained from its website showed that as at Feb. 29, the oil marketing companies were issued N266.07 billion between December 2018 and July 2019.For State Governments, N487.85 billion was issued to them between December 2018 and December 2019.
The DMO said that government agencies were issued N68.79 billion between April 2019 and July 2019.It added that exporters under the Export Expansion Grant (EEG) programme were issued N145.371 billion between December 2019 and February 2020.
The document noted that maturity dates for the notes was between December 2019 and December 2024.Daily Times reports that a promissory note is a financial instrument that contains a written promise by one party to pay another party either on-demand or at a specified future date.
The Federal Government issues promissory notes to settle incurred local debts, and provide the stimulus to the economy.
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