Joseph Inokotong, Abuja
The Minister of Finance, Mrs. Zainab Shamsuna Ahmed said Monday in Abuja that there is no other tranche of Paris Club Refunds to be given to states because the money has already been disbursed in March 2019.
Mrs. Ahmed, who spoke in a press statement by her Special Adviser on Media and Communications, Mr Paul Ella Abechi said that “the N691.560 billion Paris Club refunds has already been disbursed to states since March 2019 after it was verified”.
The finance minister said the clarification became necessary following news making the rounds that states will soon receive disbursement of outstanding balance of the Paris Club debts.
The statement said “there is no another tranche of Paris Club Refunds to be disbursed to states, because the money has already been disbursed in March 2019” after verification was made, “amounting to a total sum of N691.560 billion by the Ministry due to exchange rate differential at the point of payment instead of the total sum of N649.434 billion that was verified”.
The Minister explained that “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.”