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    States To Get N649bn Paris Club Fund

    State governments will soon smile to the banks as the federal government has concluded plans to commence the final phase of the Paris Club debt refunds.

    Addressing journalists in Abuja on Thursday on the state of the economy, Minister of Finance Zainab Ahmed disclosed: “The total sum of N649.434 billion was verified by the Ministry as the outstanding balance to be refunded to the State Governments.”

    She also revealed the payments made by the Central Bank of Nigeria as at March 2019 stands at N691.560 billion.

    “The increase in CBN payments partly arose from exchange rate differential at the point of payment,” she said.

    Ahmed, while not divulging the status of the states with regards to the Paris Club disbursements noted “some states still have outstanding balances, which will be refunded, in due course.”

    The finance minister also stated that a total sum of N4.8 trillion was distributed to the three-tiers of government between September 2018 and April 2019 from the Federation Account noting “the sum of N784.7 billion realized from value added tax (VAT) for the same period was also shared.”

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