FG Disbursed N691.560bn Paris Club Refunds To States Since March – Minister

Minister of Finance, Mrs Zainab Ahmed

By Tony Obiechina, Abuja

The 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 through the Central Bank of Nigeria (CBN), after verification.
Ahmed made the clarification in a statement by her Special Adviser on Media and Communications, Mr Paul Ella Abechi, following media reports last week that the states will soon receive disbursement of  outstanding balance of the Paris Club debts.
The Minister referred to her address at the recent World Press Conference in Abuja, which reads “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.
“The payments made by the CBN as at March 2019, is 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 will be no other tranche of Paris Club Refunds to be disbursed to states, because the money has already been disbursed in March 2019.ReplyForward

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