Ms. Patience Oniha, DG, DMO

The Debt Management Office (DMO), said the Federal Government had issued promissory notes valued at N968.09 billion across a number of sectors as at February 29, 3020.

It said this in a document obtained from its website, detailing the breakdown of sector beneficiaries and how much was issued to them.

It said that 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 were between December 2019 and December 2024.

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 stimulus to the economy.