The
oil-rich state of Rivers is leading in the top 10 beneficiaries from the
recently released Federal Government (FG) refunds on Paris Club loan
over-deductions between 1995 and year 2002, ITRealms exclusively reports.
ITRealms recalls that FG at the weekend
released a State-by-State breakdown as the first tranche of Paris Club refunds
paid to date.
This
is coming as the top five states are from the Niger Delta region of the
country, followed by Kano and Lagos in the sixth and seventh positions
respectively, just as the remaining in the top 10 beneficiaries are from the
north.
These
include Katsina, Kaduna, Borno and Niger States in that order, whereas no state
in the eastern region made it to the top 10, however, Imo State made it in top
12 with the sum of N14,001,610,365.94 billion.
Within
the period under review, ITRealms gathered
that between 1995 and 2002 that Rivers accrued refund amounted to 34,
925,785,322.06; Delta -27,606,963,362.46; Akwa-Ibom - 25,981,255,165.12; Bayelsa
- 24,895,696,347.55; Kano - 21,740,390,362.48; Lagos - 16,743,876,266.21;
Katsina - 16,404,261,819.71; Kaduna - 15,443,458,455.10; Borno - 14,681,869,730.63; and Niger - 14,421,586,309.89.
ITRealms also reports exclusively that the
top 10 collectively got refund worth N212,845,143,141.21 out of the N516.38bn (N516,384,636,883.81) shared among the 36 states
of the federation and Federal Capital Territory, Abuja, upon
the approval of Present Muhammadu Buhari on November 21st 2016 in
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.
These
debt service deductions were made in respect of the Paris Club, London Club and
Multilateral debts of the FG and States. While Nigeria reached a final
agreement for debt relief with the Paris Club in October 2005, some States had
already been overcharged.
Director, Information
at the Federal Ministry of Finance, Salisu Na’Inna Dambatta, told ITRealms, the funds were released to
State Governments as part of the wider efforts to stimulate the economy and
were specifically designed to support states in meeting salary and other
obligations, thereby alleviating the challenges faced by workers.
The releases were
conditional upon a minimum of 50 per cent being applied to the payment of
workers’ salaries and pensions. The Federal Ministry of Finance is reviewing
the impact of these releases on the level of arrears owed by State Governments.
Remmy Nweke/ED, Ops
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