Just in: FG set to disburse #649 billion to states as Paris Club Fund

Just in: FG set to disburse #649 billion to states as Paris Club Fund

The Federal Government of Nigeria is set to disburse 649,434 billion naira debt to states as Paris Club refund to state governments

This was disclosed by Zainab Ahmed, the Minister of Finance, at a press conference in Abuja on Thursday.

Zainab said that the Ministry of Finance have confirmed the amount as the outstanding balance to be paid to the states.

She said that the refund would be made to the state government as at when due.

In her words “For the final phase of the Paris Club debt refund, the total sum of 649,434 billion has been verified by the Ministry as the amount to be refunded to state governments.

“The amount paid by the Central Bank of Nigeria as of March 2019 691.56 billion naira. The CBN payment partly arose from the exchange rate differential at the point of payments. Although some state will have outstanding balances they will be refunded in due course.”

Naijahotspot gathered that as at March 29 the total amount released for capital projects was about 1.9 trillion naira.

This signifies that between March 29 and May 14 the total amount released to ministries, government agencies and departments was about 170 billion naira for the implementation of capital component of the 2018 budget.

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