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Wednesday, July 19, 2017

FG releases another Paris Club refunds to states

The Federal Government (FG) has released yet another details on State by State breakdown of tranche of Paris Club refund of over-deductions on Paris Club, London Club Loans and Multilateral debts on the accounts of States and Local Governments between 1995 and year 2002, reports ITRealms.

Director of Information at the Federal Ministry of Finance, Mr. Salisu Na’Inna Dambatta told ITRealms, Tuesday that a total of N243, 795,465,195.20 was 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 State Governments relating to over-deductions from their Federation Account Allocation Committee (FAAC) allocation for external debt service arising between 1995 and 2002.

He also quoted the Minister of Finance, Mrs. Kemi Adeosun in a press statement made available to ITRealms as pointing out that 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,” she said.

These funds, the Minister said, 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.

These releases, she said, 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,” she said.


Adeosun further said, 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.

Breakdown of payment to states below:
S/N
STATE
AMOUNT PAYABLE (NGN)
1
ABIA
5,715,765,871.48
2
ADAMAWA
6,114,300,352.68
3
AKWA-IBOM
10,000,000,000.00
4
ANAMBRA
6,121,656,702.34
5
BAUCHI
6,877,776,561.25
6
BAYELSA
10,000,000,000.00
7
BENUE
6,854,671,749.25
8
BORNO
7,340,934,865.32
9
CROSS RIVER
6,075,343,946.93
10
DELTA
10,000,000,000.00
11
EBONYI
4,508,083,379.98
12
EDO
6,091,126,592.49
13
EKITI
4,772,836,647.08
14
ENUGU
5,361,789,409.66
15
GOMBE
4,472,877,698.19
16
IMO
7,000,805,182.97
17
JIGAWA
7,107,666,706.76
18
KADUNA
7,721,729,227.55
19
KANO
10,000,000,000.00
20
KATSINA
8,202,130,909.85
21
KEBBI
5,977,499,491.45
22
KOGI
6,027,727,595.80
23
KWARA
5,120,644,326.57
24
LAGOS
8,371,938,133.11
25
NASARAWA
4,551,049,171.12
26
NIGER
7,210,793,154.95
27
OGUN
5,739,374,694.46
28
ONDO
7,003,648,314.28
29
OSUN
6,314,106,340.62
30
OYO
7,901,609,864.25
31
PLATEAU
5,644,079,055.41
32
RIVERS
10,000,000,000.00
33
SOKOTO
6,441,128,546.76
34
TARABA
5,612,014,491.52
35
YOBE
5,413,103,116.59
36
ZAMFARA
5,442,385,594.49
37
FCT
684,867,500.04
TOTAL
243,795,465,195.20

Nonye Dom with additional reports from Doris Minimah/GEE
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