Paris Club Refunds: Cross River Gets N6.075Bn In Second Tranche

In Breaking News, Business & Economy, National News, Politics, Reports

By Jonathan Ugbal

The Federal Ministry of Finance has said that Cross River State has being paid a total of six billion, seventy-five million, three hundred and forty-three Naira and ninety-three Kobo (NGN6,075,343,946.93) as second tranche for the over deductions for the Paris Club loan.

This was contained in the a statement signed by the director of information in the ministry, Salisu Dambatta and issued Tuesday night which said that: “These payments which totaled N243, 795,465,195.20 were made to the 36 States and the Federal Capital Territory upon the approval of the President on May 4, 2017, 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.”

Cross River had received Twelve billion, One Hundred and Fifty million, Six Hundred and Eighty-Seven thousand, Eight Hundred and Ninety-Three Naira and Eighty-Five kobo (NGN12,150,687,893.85) in the first tranche paid in December 2016.

“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 FG and states. While Nigeria reached a final agreement for debt relief with the Paris Club in October 2005, some states had already been overcharged,” the statement from the finance ministry read.

The statement further added that: “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. The Federal Ministry of Finance is reviewing the impact of these releases on the level of arrears owed by State Governments.

“A detailed report is being compiled for presentation to the Acting President, Professor Yemi Osinbajo, as part of the process for approval for the release of any subsequent tranches.”

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