Paris Club: Kwara Yet To Receive Final Tranche-Banu

Paris Club: Kwara yet to receive final tranche-Banu

The Kwara State Government has explained that it has not received the final tranche of the Paris Club refunds from the Federal Ministry of Finance, Abuja.
Commissioner for Finance, Alhaji Demola Banu told The Herald last night that the government has done all the necessary reconciliations that are required for such refunds.
He also informed that while the state government has already made a fresh presentation on the refunds to the new Minister of Finance, Zainab Ahmed, it is yet to receive the expected funds from Abuja.
The Commissioner expressed optimism that since States like Osun, Benue, Oyo, and Delta have received their final tranches of the refunds, the Kwara State Government should also get its tranche soon.
The Herald recalls that the Kwara State Government had promised that when received, the bulk of the funds will be deployed towards assisting Local Government Councils in the payment of salary and pension arrears, as well as SUBEB and other liabilities at the State level.
The Paris Club refund represents over-deductions from each state by the Federal Government prior to Nigeria’s exit from the London/Paris Club of creditors.
It became possible when Nigeria reached a final agreement for debt relief with the Paris Club in 2005.
Banu also informed that this month’s FAAC meeting is likely to hold in Abuja on Wednesday.
According to him, it is after the meeting that funds from the monthly allocation are likely to be released to the state government for the payment of salaries and other obligations.

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