JUST IN : states Receive 1.6 Trillion Naira Paris fund refund from FG

This must be a Christmas like no other for state governments in Nigeria.

On Monday, the Minister of Finance Mrs. Zainab Ahmed confirmed that the federal government has released a total amount of $5.4 billion, about 1.65 trillion naira has so far been paid to states by the Federal Government for settlement of the Paris Club Refund.

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

Some of the conditions are that salaries must be paid, states must be committed to the repayment of Budget Support Loans granted in 2016 and clearing of amounts due to the Presidential Fertiliser Initiative.

Other conditions are a commitment to clearing matching grants from the Universal Basic Education Commission where some States have available funds which could be used to improve primary education.

Details later…

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