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Politics Buhari Releases N500bn Paris Club Refund to State Govs


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President Muhammadu Buhari has ordered the disbursement of the N500bn Paris Club loan refund to state government this week, Punch says.

According to someone who is privy to the matter, Finance Minister Kemi Adeosun and CBN governor Godwin Emefiele will meet soon to discus the modalities of the disbursement.

“We have received the President’s directive which was issued last week and we have already started working on the release of the funds but of course you know there are processes to be followed which is what we are doing now.

“The minister will have to meet with the CBN governor to discuss the modalities for the release of the funds to the respective states and that will be done anytime from now.

“It is after that meeting that a payment mandate will be issued for the monies to be credited to the respective accounts of the state.

“All these processes usually take between two and five working days depending on the circumstances. So by this week, the states will start getting the money barring any last minute change in plans.”

One of the eligibility criteria for the fund is that a minimum of about 50 per cent of the funds would be devoted to the payment of salaries and pensions.
 

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