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FG releases details of Paris Club refunds to states

The Federal Government yesterday released a breakdown of the first tranche of Paris Club refunds paid to states. A statement by the Director of Information…

The Federal Government yesterday released a breakdown of the first tranche of Paris Club refunds paid to states. A statement by the Director of Information in the Ministry of Finance, Salisu Danbatta, said the payments totaling N516.38bn were made to the 36 states and the FCT after the approval of President Muhammadu Buhari on November 21, 2016. 

Danbatta said a detailed report was being compiled for presentation to the Acting President Yemi Osinbajo, as part of the process for approval for the release of any subsequent tranches.

According to him, the payments are in partial settlement of longstanding claims by the states relating to over-deductions from their Federation Account Allocation Committee (FAAC) allocations for external debt service between 1995 and 2002.

The government had initially turned down repeated requests to release the payment details.

“The funds were released to state governments as part of the wider efforts to stimulate the economy and were specifically designed to support states in meeting salary and other obligations, thereby alleviating the challenges faced by workers,” the statement said.

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