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THE Federal Government yesterday, released a State by State breakdown of another tranche of Paris Club refund of over-deductions on Paris Club, London Club Loans and Multilateral debts on the accounts of States and Local Governments from 1995-2002.
A statement from the federal ministry of finance said these payments which totalled N243, 795,465,195.20 “were made to the 36 states and the Federal Capital Territory upon the approval of the President on May 4, 2017.”
Akwa-Ibom, Bayelsa, Delta, Kano and Rivers states received the largest disbursements of N10 billion each.
This second tranche of Paris Club refunds is a “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.”
The statement added that Minister of Finance, Mrs. Kemi Adeosun explained that these debt service deductions were in respect of the Paris Club, London Club and Multilateral debts of the federal and State governments.