Paris Club refund: States shared N1.9 trillion to cushion effect
In line with the excess Paris Club fund to Nigeria by the lender club, the federal government has shared N1.9 trillion amongst the 36 states of the federation to assist in undertaking their financial responsibilities and challenges as observed in recent time, especially to pay workers in the states , Vice President Yemi Osinbanjo reveals this yesterday in Ogun state.
According to the Vice President, when they assume leadership in 2015, 26 states of the 36 states of the federation were not up and doing in their wage and salary obligations to workers.
He said “The budget support facility to states has gone a long way to cushioning the shock experienced by the federating units which resulted from the sharp drop in prices of crude oil in 2016.
” So our support to states has remained unprecedented in the history of administration in Nigeria, thus why states shared N1.9 trillion from the Paris Club refund .” He said.
Osinbanjo speaking in Abeokuta yesterday in the Ogun Investors Forum with theme: “Consolidating Gains And Accelerating Growth.”
He said that Muhammad Buhari led government had continued to extend equal and unbiased support to states, regardless of party Inclinations.
“We have been sensitive, attentive and responsive to their needs while our programmes and policies have been developed with States in mind.
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” The anchor borrowers programme has continued to provide cheap credit to small holders farmers across the nation.
“The President’s fertilizer initiative has ensured that farmers across Nigeria have direct access to fertilizer. We have as well continued to feed about seven million primary school pupils in 21 states of the country,” he claimed.
He also stressed that the current government has been able to combat corruption in Nigeria against what it use to be in 2014. They have continued to block leakages and increased funding of agriculture and transportation which significantly has grown by 400 percent.
External reserves are in best shape in fives years, while inflation has dropped for 13 consecutive months. The Paris Club refund is the excess in remittance Nigeria made for repayment of facility.
Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurial development. A councillor and motivational speaker.