FG to disburse N500bn Paris Club refund this week

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The disbursement of the N500bn London-Paris Club loan refund to states by the Federal Ministry of Finance is to commence next week,  investigations have revealed.

Top government officials confided in our correspondent that the Minister of Finance,  Mrs. Kemi Adeosun and the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, would meet anytime soon over the modalities for the disbursement of the funds.

A source said: “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.”

It was gathered that the meeting between the governor and the finance minister was imperative in order to review the states that have met the criteria for the disbursement of the funds.

President Muhammadu Buhari had on Thursday directed that the amount be released by the finance minister to the states to enable them to meet pressing financial obligations such as the payment of salaries and pension arrears.

He said the presidential order should be carried out “appropriately and with dispatch.”

Buhari, who had earlier released the first tranche of N388bn to the state governments in December 2016, said the latest release was meant to ease their financial hardship.

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