Paris Club: Kwara yet to receive final tranche, says Banu

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The Kwara  Government says it is yet to receive the second tranche of the London-Paris Club Refund promised by the Federal Government.
Commissioner for Finance, Alhaji Demola Banu,  told newsmen on Monday in Ilorin that the government has done all the necessary reconciliations that are required for such refunds.
He also told newsmen that while the state government had already made fresh presentation on the refunds to the new Minister of Finance, Zainab Ahmed, it had yet to receive the expected funds from Abuja.
The commissioner expressed optimism that since states like Osun, Benue, Oyo, and Delta have received their final tranches of the refunds, the Kwara  government whould also get its soon.
Banu also informed that this month’s FAAC meeting is likely to hold in Abuja on Wednesday.
According to him, it is after the meeting that funds from the monthly allocation are likely to be released to the state government for the payment of salaries and other obligations.
The News Agency of Nigeria (NAN) reports that the state government promised to use the bulk of the funds to assist Local Government Councils in the payment of salaries and pension arrears, SUBEB and other liabilities.
NAN reports that on July 18, 2017,the Federal government released details of the second tranche of Paris Club refund to States totaling N243. 795 billion.The refund is in respect of over-deductions on Paris Club, London Club Loans and Multilateral debts from 1995 to 2002.A statement by the Federal Ministry of Finance showed that Kwara is to get N5.120 billion.

The payment to the 36 States and the Federal Capital Territory were made upon the approval of the President on May 4, 2017, in partial settlement of long-standing claims by State Governments relating to over-deductions from their Federation Account Allocation Committee (FAAC) allocation for external debt service arising between 1995 and 2002.

These debt service deductions were in respect of the Paris Club, London Club and Multilateral debts of the Federal and State governments.

While Nigeria reached a final agreement for debt relief with the Paris Club in October 2005, some States had already been overcharged.  (NAN)

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