FG Releases Another Tranche Of N243.8bn Paris Club Refund To States

The Federal Government has released a state-
by-state breakdown of another tranche of
N243.8 billion Paris Club refund of over-
deductions on Paris Club, London Club Loans.
Mrs. Kemi Adeosun, Minister of Finance, in a
statement on Tuesday, said that the debt service
deductions were in respect of the Paris Club,
London Club and Multilateral debts of the federal
and states governments between 1995 and
2002.
President Muhammadu Buhari had approved the
release of N522.74 billion as first tranche of
payment to states.
“These payments, which totaling N243,
795,465,195, were made to the 36 states and
the Federal Capital Territory upon the approval
of the president on May 4, 2017.
“This is in partial settlement of long-standing
claims by states governments relating to over-
deductions from Federation Accounts for
external debt service arising between 1995 and
2002.
“The funds were released to states governments
as part of the wider efforts to stimulate the
economy and were specifically designed to
support states in meeting salaries and other
obligations, thereby alleviating the challenges
faced by workers.
“The releases were conditional upon a minimum
of 75 percent 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 states governments.
“A detailed report is being compiled for
presentation to the Acting President, Prof. Yemi
Osinbajo, as part of the process for approval for
the release of any subsequent tranches,” she
said.
A breakdown of the payment, showed that Abia
got N5.72 billion, Adamawa N6.11 billion, Akwa
Ibom N10 billion, Anambra N6.12 billion, Bauchi
N6.88 billion, Bayelsa N10 billion, Benue N6.85
billion, and Borno N7.34 billion.
Cross River got N6.08 billion, Delta N10 billion,
Ebonyi N4.51 billion, Edo N6.09 billion, Ekiti
N4.77 billion, Enugu N5.36 billion, Gombe
N4.47 billion, Imo N7 billion, Jigawa N7.11
billion, and Kaduna N7.72 billion.
Kano got N10 billion, Katsina N8.2 billion, Kebbi
N5.98 billion, Kogi N6.03 billion, Kwara N5.12
billion, Lagos N8.37 billion, Nasarawa N4.55
billion, Niger N7.2 billion, and Ogun N5.7
billion.
The others were Ondo N7 billion, Osun N6.3
billion, Oyo N7.9 billion, Plateau N5.64 billion,
Rivers N10 billion, Sokoto N6.44 billion, Taraba
N5.61 billion, Yobe N5.41 billion, Zamfara
N5.44 billion, and the Federal Capital Territory
N684 million.