FG Releases Details Of Paris Club Refund To States

A statement by the Federal Ministry of
Finance showed that Abia received N 5 .715
b; Adamawa N 6.114 b; Akwa-Ibom N10 b;
Anambra N6,121 b; Bauchi N6. 877 b;
Bayelsa N10 b; Benue; N6.854 b; Borno
N7.340 b
;Cross River N6. 075 b; Delta N10 b;
Ebonyi N4. 508 b; Edo N6. 091 b; Ekit
N4,772,836 b.
Others are: Enugu N5. 361 b; Gombe N4.
472 b; Imo N 7 b; Jigawa N7. 107 b ; Kaduna
N7. 721 b; Kano N10 b Kastina N8. 202 b
Kebbi N5,977,499,491.45; Kogi N
6,027,727,595.80; Kwara
N5,120,644,326.57; Lago
N8,371,938,133.11
Nassarawa N4,551,049,171.1 ; Niger
N7,210,793,154.95; Ogun;
N5,739,374,694.4 ; Ondo
N7,003,648,314.28; Osun;
N6,314,106,340.62
Oyo N7,901,609,864.25; Plateau;
N5,644,079,055.41; Rivers; N10 b ; Sokoto ;
N6,441,128,546.76; Taraba;
N5,612,014,491.52; Yobe
N5,413,103,116.59
Zanfara N5,442,385,594.49; ans FCT
N684,867,500.04
The ministry said “These payments which
totalled N243, 795,465,195.20 were made
to the 36 States and the Federal Capital
Territory upon the approval of the President
on May 4, 2017, in partial settlement of long-
standing claims by StateGovernments
relating to over-deductions from their
Federation Account Allocation Committee
(FAAC) allocation for external debt service
arising between 1995 and 2002.
“These debt service deductions were in
respect of the Paris Club, London Club and
Multilateral debts of the FG and States. While
Nigeria reached a final agreement for debt
relief with the Paris Club in October 2005,
some States had already been overcharged.
“The funds were released to State
Governments as part of the wider efforts to
stimulate the economy and were specifically
designed to support states in meeting salary
and other obligations, thereby alleviating the
challenges faced by workers.
“The releases were conditional upon a
minimum of 75 per cent being applied to
the payment of workers’ salaries and
pensions for States that owe salaries and
pension. The Federal Ministry of Finance is
reviewing the impact of these releases on
the level of arrears owed by State
Governments.
“A detailed report is being compiled for
presentation to the Acting President,
Professor Yemi Osinbajo, as part of the
process for approval for the release of any
subsequent tranches.”

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