N649 billion final tranche of Paris Club refund, ready for states to share

N649 billion final tranche of Paris Club refund, ready for states to share - Finance minster announces

- Mrs Zainab Ahmed, minister of finance, says the N649 billion final tranche of the Paris Club Refund will be shared among states

- Ahmed also disclosed that as at March 2019, the payments made by the Central Bank of Nigeria (CBN) stood at N691.560 billion

- The minister, however, did not divulge how much would accrue to each of the 36 states

The minister of finance, Mrs Zainab Ahmed, has stated that the N649 billion final tranche of the Paris Club Refund will be shared among states in the federation.

Addressing reporters at a news conference in Abuja on Thursday, May 16, the minister, however, added that debtor-states will have to settle their debts soon, The Nation reports.

Legit.ng gathers that she said “the total sum of N649.434 billion was verified by the ministry as the outstanding balance to be refunded to the state governments.”

Ahmed also disclosed that as at March 2019, the payments made by the Central Bank of Nigeria (CBN) stood at N691.560 billion.

She said: “The increase in CBN payments partly arose from exchange rate differential at the point of payment.”

While not divulging how much would accrue to each of the 36 states, the minister noted that “some states still have outstanding balances, which will be refunded, in due course.”

She also disclosed that between September 2018 and April 2019, N4.8 trillion was shared out to the three-tiers of government, from the Federation Account.

She added: “The sum of N784.7 billion realised from Value Added Tax (VAT) for the same period was also shared.”

Recall that Legit.ng previously reported that the federal government ordered the recall of the second tranche of the London and Paris Club Refunds disbursed to five states, amounting to about $2.7 billion (N972 billion.)

The states involved were Delta, Imo, Benue, Rivers and Osun.

The chairman of the Nigeria Governors Forum (NGF), Governor Abdul’Aziz Yari Abubakar, subsequently called for an emergency meeting of the forum at the NGF secretariat in Abuja.

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