Kano, Akwa Ibom, 3 Others Get N50bn From Second Paris Club Refund

Related stories

Oshiomhole Breaks Silence on Viral Lagos Airport Clash with Air Peace Staff

By Abiola Olawale Senator Adams Oshiomhole, the lawmaker representing Edo...

SEC Blasts CBEX Says it remains Banned in Nigeria, as Crypto Platform

By Abiola Olawale The Securities and Exchange Commission (SEC) has...

2027: Atiku, Obi, El-Rufai, Others Can’t Unseat Tinubu, They’re ‘Bound To Fail’ — Wike

By Kolawole Ojebisi The FCT Minister, Nyesom Wike, on Wednesday,...

Wike’s Defection To APC ‘ll Make PDP, Others ‘Writhe In Pain’ — Tinubu

By Kolawole Ojebisi President Bola Tinubu on Wednesday said the...

2025 Rivers N1.48 tn Budget Done In Readiness for Fubara’s Return — Ibas

By Kolawole Ojebisi The Sole Administrator of Rivers State, Vice...

Details of cash distribution from the second tranche of Paris Club refund has shown that Kano, Bayelsa, Akwa-Ibom, Delta and Rivers States got the highest share of N10 billion each from the latest disbursement of the fund, The New Diplomat had learnt

The money is a combination of over-deductions from Paris Club, London Club loans and multilateral debts on the accounts of states and local governments from 1995 to 2002.

The total sum of N243.8 billion was distributed to the 36 states of the federation and the federal capital territory upon approval by Acting President Yemi Osinbajo on May 4, 2017.

The refund is 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.

A statement from the ministry of finance indicated that Lagos and Kastina States got the closest share of the refund, with N8.4 and N8.2 billion respectively, while Borno, Jigawa, Kaduna, Borno, Imo, Niger, Ondo and Oyo States got N7 billion each.

The statement further gave details of the latest disbursement as follows: Adamawa, N6bn; Anambra, N6.1bn; Cross Rivers, N6bn; Bauchi, N6.8bn; Benue, N6.8bn and Edo, N6bn.

Others are Kogi, N6bn; Abia, N5.7bn; Enugu, N5.3bn; Kebbi, N5.9bn; Osun N6.3bn; Sokoto, N6.4bn; Kwara, N5.1bn; Ogun, N5.7bn; Plateau, N5.6bn; Taraba, N5.6bn; Yobe and Zamfara states got N5.4bn each.

According to the details, Ebonyi got N4.5bn; Ekiti, N4.7bn; Gombe, N4.4bn and Nassarawa, N4.5bn. FCT got the least of the refund with N684, 867,500.04.

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 federal government 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 wider efforts to stimulate the economy, even as they 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 president as part of the process for approval for the release of any subsequent tranches.

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Oshiomhole Breaks Silence on Viral Lagos Airport Clash with Air Peace StaffSEC Blasts CBEX Says it remains Banned in Nigeria, as Crypto Platform2027: Atiku, Obi, El-Rufai, Others Can't Unseat Tinubu, They're 'Bound To Fail' -- WikeWike's Defection To APC 'll Make PDP, Others 'Writhe In Pain' -- Tinubu2025 Rivers N1.48 tn Budget Done In Readiness for Fubara's Return -- Ibas[VIDEO] Drama As Oshiomhole, Air Peace Engage in Dirty Spat at Lagos AirportI'm Ready To Forgive Elon Musk..We've to Strengthen the Country, Says TrumpDele Momodu Tells Tinubu: You Can't Say Nigerians are Busybodies, Bystanders to Praise WikeOil Prices Slip Despite U.S.-China TalksDrama As Elon Musk Reverses Self on Trump, Says Criticism Went too farEx-Minister, Essien Blasts Gov Umo Eno For Piling Pressure on Lawmakers to DefectNigeria Not At War Yet Citizens Living Like Refugees In Own Country -- Peter ObiFubara's Sins 'll Be Forgiven Only If... APC2027: I'm Ready To Die For Tinubu's Victory In Abia -- KaluAtiku's Ally, Segun Sowunmi, Hints At Dumping PDP For APC, Says 'I May Likely Leave'
X whatsapp