Ekiti receives N4.7 billion Paris Club refund

Geronimo Vena
Luglio 19, 2017

The Federal Government on Tuesday released details of payments to the 36 states as refund of "over-deductions on Paris Club, London Club Loans and Multilateral debts on the accounts of States and Local Governments (1995-2002)".

The federal government later released the sum of N388.304 billion out of the N522.74 billion.

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.

The total amount of N50bn received by these five states represents 20.5 per cent of the entire amount released under the second tranche.

Although the states had earlier promised to use the bulk of the money to settle debts owed workers and pensioners, it remains to be seen whether or not this new promise will be fulfilled, since many workers who had been owed for months got little relief after the first tranche.

Further analysis of the payment schedule showed that Lagos received N8.37bn; Katsina, N8.2bn; Oyo, N7.9bn; Kaduna, N7.72bn; Borno, N7.34bn; and Niger N7.21bn.

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.

The funds, according to the statement, were released to the state governments as part of the wider efforts to stimulate the economy.

The funds were released to state governments as part of wider efforts to stimulate the economy, even as they were specifically created to support states in meeting salary and other obligations, thereby alleviating the challenges faced by workers.

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".

Ekiti state governor, Ayodele Fayose disclosed this in a Facebook post on his page saying the amount will be shared between the state and the local governments.

He said the state government also restated its commitment to keep to its promise to meet its obligations to concerned stakeholders in the state.

The Acting governor of Benue State, Mr. Benson Abounu, announced this on Tuesday in Makurdi, while briefing journalists at end of the state executive council meeting presided by him at the Government House. The fund has not yet hit account and we are expecting it.

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