Federal Government Releases Breakdown of Paris Club Loan Refund to States

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.

The breakdown of the payment as Follows::

• Abia State N5.72 billion; 
• Adamawa State, N6.11 billion;
• Akwa Ibom State, N10 billion; 
• Anambra State, N6.12 billion;
• Bauchi State, N6.88 billion;
• Bayelsa State, N10 billion;
• Benue State, N6.85 billion;
• Borno State N7.34 billion.
• Cross River State N6.08 billion,
• Delta State, N10 billion;
• Ebonyi State, N4.51 billion;
• Edo State, N6.09 billion;
• Ekiti State, N4.77 billion;
• Enugu State, N5.36 billion;
• Gombe State, N4.47 billion;
• Imo State, N7 billion;
• Jigawa State, N7.11 billion;
• Kaduna State, N7.72 billion.
• Kano State  N10 billion,
• Katsina State, N8.2 billion;
• Kebbi State, N5.98 billion;
• Kogi State, N6.03 billion;
• Kwara State, N5.12 billion;
• Lagos State, N8.37 billion;
• Nasarawa State, N4.55 billion;
• Niger State, N7.2 billion;
• Ogun State, N5.7 billion.
• Ondo State, N7 billion;
• Osun State, N6.3 billion;
• Oyo State, N7.9 billion;
• Plateau State, N5.64 billion;
• Rivers State, N10 billion;
• Sokoto State, N6.44 billion;
• Taraba State, N5.61 billion;
• Yobe State, N5.41 billion;
• Zamfara State, N5.44 billion;
• FCT, N684 million.    

 Source:http://www.nan.ng/