Tuesday, January 25, 2022

N243bn Paris Club refund: See what each state got

Must read

Jaafar Jaafarhttps://dailynigerian.com/
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
- Advertisement -

The federal government has released a state-by-state breakdown of another 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 from 1995 to 2002.

The payments, totalling 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.

The funds are in partial settlement of long-standing claims by state governments relating to over-deductions from their Federation Account Allocation Committee, FAAC allocation for the external debt service.

The Minister of Finance, Kemi Adeosun, explained that the 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 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.

READ ALSO:   Osinbajo removes 2 ICPC board members over corruption cases

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, Yemi Osinbajo, as part of the process for approval for the release of any subsequent tranches.

Below is the breakdown of the disbursements…


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

READ ALSO:   Oil prices rise, head to $53 per barrel

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

READ ALSO:   Eid-el-Kabir: Buhari writes Nigerians, appreciates prayers

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

- Advertisement -

More articles


Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

- Advertisement -