Presidency gives conditions for further release of Paris loan refund

Buhari: i have no problem with Tinubu

The Presidency has given conditions for further refund of the excess deduction from the Paris/London club loans to the state governments.

About N522.7 billion was paid by the Presidency in the first tranche of the refund to the states, representing 25 per cent of their claim from the excess deductions from their statutory allocations to service the loans.

Finance minister, Mrs Kemi Adeosun, in a statement, explained that the payment of the second tranche and subsequent tranche of the loan refund, will be tied to the outcome of the independent monitoring of compliance by the state governments with the agreed terms.

Adeosun said President Muhammadu Buhari gave an anticipatory approval for the release of up to 50 percent of the claims of the state governments, pending the final reconciliation of the claims by the Debt Management Office, Office of the Accountant General of the Federation and other relevant agencies.

At the end of the reconciliation of the claims, the minister said that any overpayment made to the state governments, will be deducted from their statutory revenue in the federation account.

Buhari while approving the payment of the second tranche of the loan refund, had asked the benefiting state governments to use part of the fund to clear the arrears of the salaries and pensions of workers on their payroll

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