NIGERIA - The Federal Ministry of Finance Tuesday issued fresh conditions for all the 36 state governments to access the final $2.689 billion Paris Club Refunds.
Following the reconciliation led by the Debt Management Office (DMO)
under the supervision of the Federal Ministry of Finance, the Federal Government said the final approval of $2.689 billion, which will be made in phased tranches to the States, is subject to the following conditions:
(i) Salary and staff related arrears must be paid as a priority;
(ii) Commitment to the commencement of the repayment of Budget Support Loans granted in 2016, to be made by all States;
(iii) Clearing of amounts due to the Presidential Fertiliser Initiative,
(iv) Commitment to clear matching grants from the Universal Basic Education Commission (UBEC) where some States have available funds which could be used to improve primary education and learning outcomes.
The issue of Paris Club loan over-deduction had been a long standing dispute between the Federal and State Governments which dated back to the period of 1995 to 2002.
In response to the dispute, President Buhari directed that the claims of over-deduction should be formally and individually reconciled by DMO.
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