Breaking – Paris Club refund: FG doles out another N691.5bn to states

A total sum of N691.5 billion has so far been released to some states from the Paris Club refund, the Minister of Finance, Mrs. Zainab Ahmed has said. 

The Minister, who made the disclosure to journalists at a quarterly press briefing of the Ministry on Thursday in Abuja, said that the amount is higher than the N649 billion earlier verified for payment to the affected states due to exchange rate differentials.

According to the minister, some states still have outstanding of the refund that will be paid in due course.

The Paris Club Refund is released to states in phases based on some conditions.

The refund represents over-deductions from each state by the Federal Government prior to Nigeria’s exit from the London/Paris Club of creditors.

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