Home BUSINESS Nigerian federal government clarifies Paris Club refund to states

Nigerian federal government clarifies Paris Club refund to states Updated for 2021

82,139FansLike
2,966FollowersFollow
2,690SubscribersSubscribe
82,139FansLike
3,122FollowersFollow
2,690SubscribersSubscribe

Updated: February 24, 2021


In a statement, the Federal Ministry of Finance in Nigeria on Tuesday provided some clarifications to the Paris Club Refund approved for the 36 States of the Federation.

It said: “The issue of Paris Club loan over-deduction had been a long standing dispute between the Federal Government and the State Governments which dated back to the period of 1995 to 2002.

[read_more id="2" more="Read full article" less="Read less"]

“In response to the dispute, President Muhammadu Buhari directed that the claims of over-deduction should be formally and individually reconciled by the Debt Management Office (DMO). This reconciliation commenced in November 2016.

“As an interim measure to alleviate the financial challenges of the States during the 2016 recession, the President had approved that fifty percent (50%) of the amounts claimed by States be paid to enable the States clear salary and pension arrears.

“This was released between 1st December, 2016 and 29th September, 2017. This refund was part of the Government’s fiscal stimulus to ensure the financial health of Sub-National Governments.

“The DMO led the reconciliation process under the supervision of the Federal Ministry of Finance. The final approval of US$2.689 billion is subject to the following conditions:(i)    Salary and staff related arrears must be paid as a priority;

“(ii)  Commitment to the commencement of the repayment of Budget Support Loans granted in 2016, to be made by all States;(iii)   Clearing of amounts due to the Presidential Fertiliser Initiative,(iv) Commitment to clear matching grants from the Universal Basic Education Commission (UBEC) where some States have available funds which could be used to improve primary education and learning outcomes. 5.  The payment of the approved amount is to be made in phased tranches to the States”.

[/read_more]

Today News Africa
Today News Africahttps://todaynewsafrica.com
Today News Africa is a US-based international news organization focused on US-Africa policy and breaking news. Our goal is to provide truthful and exclusive stories to a diverse audience across North America and the African Continent. Subscribe to our news page at https://todaynewsafrica.com/ and Follow us on Twitter @todaynewsafrica

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Now

TRENDING

Human Rights Watch concludes Abiy Ahmed’s soldiers bombed civilians to death, schools, hospitals and markets in Tigray region

Ethiopian federal forces carried out apparently indiscriminate shelling of urban areas in the Tigray region in November 2020 in violation of the laws of war, Human Rights Watch said on Wednesday. Artillery attacks at the start of the armed conflict struck homes, hospitals, schools, and markets in the city of Mekelle, and the towns of Humera and Shire, killing at least 83 civilians, including children, and wounding...

Stay connected

[/read_more]

[read_more id="2" more="Read full article" less="Read less"]

error: Alert: Content is protected !!
Reddit
Tweet
Share
Share
Pocket
Share
More