Shell Nigeria Yudala
Adeosun clarifies Paris Club refunds

By News Express on 20/03/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 261

•Finance Minister Kemi Adeosun.
•Finance Minister Kemi Adeosun.

Minister of Finance, Mrs. Kemi Adeosun, on Monday evening clarified issues pertaining to the Paris Club refunds, assuring the public that “the Federal Government has consistently complied with all extant rules and regulations in the disbursement of the Paris Club refunds to State Governments.”

She made the clarification in a statement issued in Abuja and signed by her signed Media Adviser, Festus Akanbi.

The statement said: “The Federal Government’s disbursement process is transparent and targeted at the attainment of specific economic objectives. The inability of some sub-national governments to meet salary and other obligations was considered inconsonant with the Federal Government’s economic stimulus programme. Claims with regard to over deductions had been made to the Federal Government, consistently since 2005.

“The Debt Management Office (DMO) initially requested for a period of 22 months to complete the reconciliation and facilitate disbursement.

“However, President Muhammadu Buhari, considering the plight of salary earners and pensioners and the need to stimulate the economy, directed that the exercise be completed within 12 months.

“In addition, Mr. President gave an express Anticipatory Approval for the release of up to 50% of the claim of each state, pending final reconciliation. That reconciliation is undertaken by the DMO, Office of the Accountant General of the Federation (OAGF) and the relevant State Governments. Accordingly, the disbursements are staggered in batches and payments are only made when the claims of each state have been reconciled with the facts at the disposal of the Federal Government.

“Specifically, information was available that some states had been paid either in full or in part, under previous administrations. This necessitated a more detailed review, for the states in question.

“The release of the first tranche, representing up to 25% of claims, being N522.7bn commenced in December 2016. Disbursement was subject to an agreement by State Governments that 50% of any amount received would be earmarked for the payment of salaries and pensions. In addition, each Governor gave an undertaking that excess payments would be recovered from the Federal Accounts Allocation (FAAC), if the final reconciliation found that the amount paid under the Anticipatory Approval exceeded that due.

“It is standard practice in the Ministry of Finance to undertake independent monitoring of compliance with the terms and conditions of funds released. This will be conducted in due course.

“To date, nine batches have been processed while some balances remain outstanding to the possible credit of a number of states. Given the foregoing, complete and final figures can only be released and published after each state and the Federal Government have reconciled and agreed on the sums due.

“At the National Economic Council meeting on Thursday March 16, 2017, President Muhammadu Buhari instructed the Minister of Finance and Central Bank Governor to commence the process of resolving the balance of the approved amount. The overriding consideration for any further releases will be the current and projected cash flows of the Federation as well as the outcome of the independent monitoring of the compliance with terms and conditions attached to the previous releases.

“The Minister of Finance would like to reaffirm the commitment of the administration to publish all relevant information on the Paris Club refunds.”

Source News Express

Posted 20/03/2017 3:55:08 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Maitama Sule tasks Buhari on leadership

Umahi demands sack, trial of soldiers who brutalised...

FRSC mulls ban on used tyres

Wanted: Marshall Plan Type of Bailout for Nigeria,...

Uduaghan commends INEC, Deltans for peaceful conduct of...

25 Ondo APC governorship aspirants tackle Tinubu over...

CBN earmarks N300bn loan for SMEs, agric sector...

NLNG confirms explosion along gas transmission system right...

I WON’T CONDONE MEDIOCRITY —Obiano •Calls for support...

Arase redeploys Plateau Police Commissioner, appoints replacement

Civil Defence boss says there is mediocrity in...

INEC, PDP accuse APC of stalling Delta election...

 

Latest News Niger Delta militants threaten protests over delayed stipends Oil company chief declared wanted over $26m FOREX fraud Traditional ruler suspended for rape Cocaine with Lionel Messi branding seized by police Troops destroy Boko Haram’s bomb factory, rescue women, children Protests against us in Nigeria sponsored, says Amnesty International Reps declare Kaduna Airport insecure, unsafe Umahi raises committee to end communal clash between Abakaliki, Ikwo communities El-Rufai to commission 50 million litres Zaria water project Oyegun commends Speaker Dogara for standing behind FG, APC Ile-Ife Crisis: Rights group condemns Buhari, Aregbesola, Police over one-sided arrests Pension Scam: APC’s show of knavery, By Tony Ademiluyi

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (234,486 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (213,044 views) Shameless Genevieve Nnaji exposes breasts in public (177,167 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (161,850 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (150,491 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (133,060 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (116,422 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (115,564 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (103,134 views) Lagos plane crash: Journalist releases victims’ names (98,664 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (93,523 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (93,282 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,495) Business Verdict (14) Columnists (655) Complaints & Requests (82) Enterprise & Opportunities (142) Entertainment (292) Features (407) Global Business Monitor (143) International (1,308) Interviews (116) Live Commentary (28) Love Matters (48) News (22,656) Opinion (662) Pidgin (8) Politics (3,624) Religion (490) Sports (1,244) Stock Watch (15) AMA & Al Jazeera Global Update

 

 

JAMB Sale of 2016/2017 UTME/DE applications

 

CBN Advert

 

Mohammed Anas thanks 'wife and girlfriend' (full interview)

 

APO Newsbreak logo

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!