States Receive Another Tranche Of Paris Club Refund

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Another tranche of the Paris Club refund has been paid to States across the country, the Nation reports.

Ekiti, which got N9.5 billion in the first tranche, has received another N4.772 billion; Abia got N5.715 billion.The state received N11.4 billion in the first tranche. Governor Ayo Fayose’s Media Adviser Lere Olayinka confirmed Ekiti’s receipt of the second tranche. Commisioner for Finance Obinna Oriaku confirmed that of Abia.

But the total amount paid out by the Ministry of Finance could not be confirmed. Top officials of the ministry said they were waiting for clearance from Minister of Finance, Mrs Kemi Adeosun before giving out that information.

President Muhammadu Buhari initiated the refund to enable states meet their financial obligations, especially to workers and pensioners.

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In the first tranche, a total of N516 billion was released to the 36 states and the Federal Capital Territory (FCT). The Ministry of Finance spokesman, Salisu Dambatta, in a statement after the release of the cash, said: ”The debt service deductions are 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 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 50 per cent being applied to the payment of workers’ salaries and pensions.

Oriaku said what Abia got was lower than the N11 billion to N12 billion it was expecting. He added, however, that Governor Okezie Ikpeazu had directed that despite “the shortfall, the funds should be committed wholly to salary arrears”.

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He said the state could no longer meet up with its promise to clear all arrears of wages at the end of this month because of the reduction in its entitlement.

The post States Receive Another Tranche Of Paris Club Refund appeared first on LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS.

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