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There are no original records and traceable files of the Paris-London Club loans, The Nation Newspaper learnt yesterday.
A source told The Nation Newspaper that besides, the Federal Government intervention in the rescheduling of some of the loans. Some of the states do not have details of such rearranged obligations.
The Nation learnt that since the reconciliation started in 1990, the timeline has affected the exercise over the years. Some of the desk officers have either retired or resigned from office.
But the Federal Ministry of Finance, the Debt Management Office (DMO) and the Office of the Accountant-General of the Federation (OAGF) are working round the clock with the states and the creditors to collate the figures.
The loss of the original records of the loans was uncovered by the committee raised by President Muhammadu Buhari. The Committee on Over Deduction of Foreign Loan Obligations from States, which examined claims by the states for the refund of over deduction on the Paris Club and London Club debts recommended that states requests for refund should be considered.
A source involved in the reconciliation said: “Some of the records of these loans cannot be traced. Most states also did not keep proper records.
“This is why the DMO said it will need two years to do a proper reconciliation but the state governors said they cannot wait.
“We went deep to get the loan data from the CBN, OAGF, RMAFC, Funds Department and DMO. Every agency gave data which were conflicting.”
The source spoke of the anxiety of paying states more than they actually deserve. “We will all however learn from this on how to keep records,” he said, pleading not to be named because he is not allowed to talk on the matter.
Source: The Nation Newspaper
A source told The Nation Newspaper that besides, the Federal Government intervention in the rescheduling of some of the loans. Some of the states do not have details of such rearranged obligations.
The Nation learnt that since the reconciliation started in 1990, the timeline has affected the exercise over the years. Some of the desk officers have either retired or resigned from office.
But the Federal Ministry of Finance, the Debt Management Office (DMO) and the Office of the Accountant-General of the Federation (OAGF) are working round the clock with the states and the creditors to collate the figures.
The loss of the original records of the loans was uncovered by the committee raised by President Muhammadu Buhari. The Committee on Over Deduction of Foreign Loan Obligations from States, which examined claims by the states for the refund of over deduction on the Paris Club and London Club debts recommended that states requests for refund should be considered.
A source involved in the reconciliation said: “Some of the records of these loans cannot be traced. Most states also did not keep proper records.
“This is why the DMO said it will need two years to do a proper reconciliation but the state governors said they cannot wait.
“We went deep to get the loan data from the CBN, OAGF, RMAFC, Funds Department and DMO. Every agency gave data which were conflicting.”
The source spoke of the anxiety of paying states more than they actually deserve. “We will all however learn from this on how to keep records,” he said, pleading not to be named because he is not allowed to talk on the matter.
Source: The Nation Newspaper
