N243 Billion Paris Club Refund: Akwa Ibom, Rivers, Bayelsa Delta Get N10...

N243 Billion Paris Club Refund: Akwa Ibom, Rivers, Bayelsa Delta Get N10 Billion (DETAILS)

By Ima Matthew | Sub Editor on July 18, 2017
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Adeosun, Minister, Finance, Saraki, Senate
Nigeria's Finance Minister Kemi Adeosun speaks at a news conference in Lagos, Nigeria, April 9, 2016. | Reuters/Akintunde Akinleye

The federal government has released a breakdown of another tranche of the Paris Club refund to states.

In an e-mailed statement to The Trent on Tuesday, July 18, 2017, signed by Salisu Dambatta, the director of information of the Federal Ministry of Finance, the refund is part of “over-deductions on Paris Club, London Club Loans and Multilateral debts on the accounts of States and Local Governments (1995-2002)”.

The total refunds is N243.7 billion and the oil rich states of Akwa Ibom, Rivers, Delta, and Bayelsa were each repaid N10 billion in this exercise.

“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 State Governments relating to over-deductions from their Federation Account Allocation Committee (FAAC) allocation for external debt service arising between 1995 and 2002,” the statement said.

“The minister of finance, Mrs. Kemi Adeosun explained 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.

“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.

Below is the breakdown contained in the statement.

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

 

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