FG Disburses N691.560 billion Paris Club Refunds to States

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Nigeria’s Minister of Finance, Mrs Zainab Ahmed, on Monday clarified that the N691.560 billion Paris Club refunds have already been disbursed to states since March 2019 after it was verified.

The Minister made the clarification in a statement signed by her Special Adviser on Media and Communications, Mr Paul Abechi.

The Minister also pointed to her address at the recent World Press Conference in Abuja, which read thus: “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.

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“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.”

The statement also made it clear that there was no other tranche of Paris Club Refunds to be disbursed to states, because the money had already been disbursed since March 2019.

Source: VON

Samson Oyedeyi

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