27 states get final tranche of Paris Club refund

The final tranche of the Paris Club refund has been released to 27 state governments by the Federal Government while payment to the other states is being delayed.

The Federal Government made this disclosure on Saturday explaining that the delay in payment to the other states was caused by some processes.

The Director, Home Finance, Federal Ministry of Finance, Mrs Siyanbola Olubunmi stated this when she spoke at the end of the Federation Account Allocation Committee meeting held at the headquarters of the ministry of finance.

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Although Mrs. Olubunmi did not give details of the amount that was paid, she however promised that as soon as the processes were sorted out, that the fund would be released to the states.

Also, in a related development, the Federation Account Allocation Committee (FAAC) has distributed N609.95 billion to Federal, States and Local Government as revenue generated in November.

This is N77.25 billion more than what they shared in October, Mr. Ahmed Idris, the Accountant-General of the Federation said.

In the opinion of the Chairman, Commissioners of Finance Forum, Mr Mahmoud Yunusa, the distribution is also timely as it will enable states and local councils to pay workers ahead of Christmas,

Idris said that after the cost of collection deductions by FIRS, Customs and DPR, the Federal Government received N248.2 billion, representing 52.68 per cent; the states got N125.9 billion, representing 26.72 per cent and the 774 local councils received N97.06 billion, amounting to 20.60 per cent.

According to Idris, oil producing states got N54.48 billion, which represents the derivation share of 13 per cent.

 

 

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