– The Buhari led federal government has finally released details of Paris Club refunds to states
– Nigerians have been asking for release of the details to enable them know the amount their states got and how their respective state governors spent it
– While releasing it, the president has urged state governors to prioritize workers welfare
A breakdown of the first tranche of Paris Club refunds paid to states to date has been released by the Nigerian federal government.
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In the released figures, payments totaling a staggering sum of N516.38 billion, were made to the 36 states and the Federal Capital Territory.
According to a statement by Salisu Danbatta, director of information in the Ministry of Finance, the payments were accordingly made upon the approval of President Muhammadu Buhari on November 21 2016.
Premium Times reports that the Paris Club refunds were payments made in partial settlement of longstanding claims by Nigerian state governments relating to over-deductions from their Federation Account Allocation Committee (FAAC) allocation for external debt service arising between 1995 and 2002.
“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 statement said.
The Paris Club debt payment deal was sealed in October 2005. It involved the repayment of $12.3 billion, instead of $30.4 billion.
Out of the $30.4 billion, Nigeria was expected to pay only $6.3 billion (arrears & levelling up) and another $6billion (post cut-off date debt and debt buy-back), while the creditors agreed to cancel $18 billion, an overall debt reduction of about 60 per cent.
Here is a breakdown of the refunds made to states:
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ZENITHBLOG.com had reported that some months after paying N522.74 billion Paris Club loan refund to 36 states, the federal government has concealed details of the disbursements, frustrating Nigerians keen about knowing how their governors spent the huge amount.
ZENITHBLOG.com reports that for months, Finance Minister, Kemi Adeosun, and other senior officials blocked attempts by Nigerians, civil society and the media to obtain details of the payments, amid allegations of misuse by governors.
ZENITHBLOG.com in this video asks Nigerians if they believe President Buhari has taken Nigeria out of recession.
Here are their responses:
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