Akwa Ibom State University (AKSU) is a conventional academic institution whose vision seeks to keep aflame the pursuit of Knowledge, Excellence and the spirit of enquiry. AKSU also offers opportunities for Learning and Leadership, Service and Self-actualization to all mankind, towards a Peaceful, Humane, Prosperous and just Society.

Wednesday, July 19, 2017

Details of Paris Fund Refund to 36 States


A total of N243.8 billion was released to the 36 states and Abuja in the second tranche of Paris fund refund. The Minister of Finance, Kemi Adeosun, said approval for the release of the fund was given by Acting President Yemi Osinbajo on May 4.

The states had earlier promised to use a large chunk of the money to settle debts owed workers and pensioners in their respective domains. “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,” Salisu Dambatta, a finance ministry spokesperson said in the statement.
 
Nigeria's Finance Minister
The refund is in partial settlement of long-standing claims by state governments relating to over-deductions from their Federation Account Allocation Committee (FAAC) allocation for external debt service arising between 1995 and 2002.

Akwa Ibom, Bayelsa, Delta, Kano and Rivers received the largest sum of N10 billion each.
Lagos and Kastina States got N8.4 and N8.2 billion each.
Borno, Jigawa, Kaduna, Borno, Imo, Niger, Ondo and Oyo States got N7 billion each.
Adamawa got N6bn; Anambra, --- N6.1bn; 
Cross Rivers --- N6bn; Bauchi --- N6.8bn; 
Benue --- N6.8bn; Edo --- N6bn.
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.
Ebonyi got ---  N4.5bn;  Ekiti --- N4.7bn; 
Gombe, N4.4bn and Nassarawa, N4.5bn. 
FCT got the least of the refund with N684, 867,500.04.

The Minister of Finance, Mrs. Kemi Adeosun, explained that these 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.

No comments :

Post a Comment