Connect with us


Rivers gets N34.9b, highest of Paris Club refund



Rivers gets N34.9b, highest of Paris Club refund
Minister of Finance, Kemi Adeosun:  gives a breakdown of what each state got from Paris Club refund 

The Federal Government today released details of what each state got from the first tranche of Paris Club refunds, showing Rivers State as the biggest beneficiary.

It got N34.9billion. Delta followed with N27.6b,  Akwa Ibom got  N25.98billion and Bayelsa N24.89b.

Cross River and Edo states got about N12.1 billion each.

The refund was based on over deductions from the accounts of the 36 states and the 774 local councils between 1995 and 2002.

These payments which totalled N516.38bn were made to the 36 States plus FCT upon the approval of Present Muhammadu Buhari on November 21st 2016 in partial settlement of long sanding 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.

These debt service deductions are 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 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 releases were conditional upon a minimum of 50 per cent being applied to the payment of workers’ salaries and pensions. 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 other tranche, according to a statement by the Federal Ministry of Finance.

Below is the state-by-state breakdown

S/N                     STATE        TOTAL AMOUNT PAID IN NGN
1                        Abia                      11,431,531,742.97
2                  ADAMAWA               10,257,434,321.63
3                 AKWA IBOM               25,981,255,165.12
4                 ANAMBRA                 12,243,313,404.68
5                 BAUCHI                      13,755,553,122.51
6                BAYELSA                    24,895,696,347.55
7                BENUE                         13,709,343,498.51
8                 BORNO                        14,681,869,730.6

9.             CROSS RIVER                12,150,687,893.85
10             DELTA                            27,606,963,362.46
11              EBONYI                           9,016,166,759.96
12              EDO                               12,182,253,184.99
13            EKITI                                 9,545,673,294.17
14           ENUGU                             10,723,578,819.32
15           GOMBE                               8,945,755,396.38
16              IMO                                14,001,610,365.94

17          JIGAWA                              14,215,333,413.52
18        KADUNA                             15,443,458,455.10
19          KANO                                 21,740,390,362.48
20          KATSINA                           16,404,261,819.71
21         KEBBI                                 11,954,998,982.90
22        KOGI                                    12,055,455,191.60
23        KWARA                                10,241,288,653.14
24       LAGOS                                 16,743,876,266.21
25      NASARAWA                            9,102,098,342.24
26       NIGER                                  14,421,586,309.89
27      OGUN                                    11,478,749,388.92
28      ONDO                                    14,007,296,628.57
29      OSUN                                     12,628,212,681.25
30      OYO                                        13,315,423,054.25
31     PLATEAU                                11,288,158,110.82
32     RIVERS                                   34,925,785,322.06
33    SOKOTO                                   12,882,257,093.52
34    TARABA                                     9,326,607,975.00
35     YOBE                                      10,826,206,233.18
36    ZAMFARA                               10,884,771,188.99
37    FCT                                         1,369,735,000.09

TOTAL                 516,384,636,883.81

Facebook Comments
Copyright 2020 ROYAL NEWS. All rights reserved. Digital material on this website, may not be published, reproduced, broadcast, rewritten or redistributed in whole or in part without prior express written permission from ROYAL NEWS.

Contact: [email protected]

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *