BREAKING: FG releases details of Paris club payment to states (full details)

BREAKING: FG releases details of Paris club payment to states (full details)

- Details of money paid to states and local governments in respect of the second tranche of Paris Club refunds have been released by the FG

- Akwa Ibom, Bayelsa, Delta, Kano and Rivers received the largest sum of N10 billion each in the details released

- The FG released a total N243.8 billion to the 36 states and Abuja in the second tranche

The federal government has released a state-by-state breakdown of another tranche of refund amounting to N243.8 billion being over-deductions on Paris Club, London Club Loans.

The minister of Finance, Mrs Kemi Adeosun, 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 State government from 1995 to 2002.

President Muhammadu Buhari had earlier approved the release of N522.74 billion as first tranche of payment to states.

“These payments, which totalled 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 state governments relating to over-deductions from their Federation Account Allocation Committee for external debt service arising between 1995 and 2002.

“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, Prof. Yemi Osinbajo, as part of the process for approval for the release of any subsequent tranches,” she said.

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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.

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NAIJ.com had reported that a breakdown of the first tranche of Paris Club refunds paid to states to date has been released by the Nigerian federal government.

In the released figures, payments totaling a staggering sum of N516.38 billion, were made to the 36 states and the Federal Capital Territory.

According to a statement by Salisu Danbatta, director of information in the Ministry of Finance, the payments were accordingly made upon the approval of President Muhammadu Buhari on November 21 2016.

NAIJ.com in this video asks Nigerians if they believe President Buhari has taken Nigeria out of recession.

Here are their responses:

Source: Naij.com

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