States Not Expecting Any New Tranche of Paris Club Refunds–FG

N691.6bn Already Disbursed via CBN

By Modupe Gbadeyanka

Minister of Finance, Mrs Zainab Shamsuna Ahmed, has emphasised that there is no new tranche of Paris Club Refunds to be disbursed to states, because the money has already been disbursed in March 2019.

In a statement issued on Monday by her Special Adviser on Media and Communications, Mr Paul Ella Abechi, the Minister said a total of N691.560 billion Paris Club refunds has already been disbursed to states since March 2019 after it was verified.

Mrs Ahmed said this clarification became necessary due to news making the rounds in the media that states will soon receive disbursement of outstanding balance of the Paris Club debts on verification made amounting to a total sum of N691.560 billion by the Ministry due to exchange rate differential at the point of payment instead of the total sum of N649.434 billion that was verified.

The Minister also pointed to her address at the recent World Press Conference in Abuja that, “For the final phase of the Paris Club debts refunds, the total sum of N649.434 billion was verified by the Ministry as the outstanding balance to be refunded to the state governments.

“The payments made by the CBN as at March 2019 was N691.560 billion. The increase in CBN payments partly arose from exchange rate differential at the point of payment.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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