FG Pays $5.4bn Paris Club Refund To States

By Talatu Bala

Federal Government says it has paid a total of $5.4bn to states for settlement of the Paris Club Refund.

The Minister of Finance, Zainab Ahmed on Monday confirmed the release in Abuja.

The amount of $5.4bn when converted based on the N305 per dollar official exchange rate of the Central Bank of Nigeria is about N1.65trn.

The Paris Club Refund was released to states in phases based on some conditions.

The federal government said some of the conditions attached to accessing the fund are. that salaries must be paid, states must be committed to the repayment of Budget Support Loans granted in 2016 and clearing of amounts due to the Presidential Fertiliser Initiative.

Read Also:https://www.solacebase.com/2018/09/07/fg-moves-to-recover-7bn-bailout-funds-issued-commercial-banks/

Other conditions are a commitment to clearing matching grants from the Universal Basic Education Commission where some States have available funds which could be used to improve primary education.

More later…

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