Federal Government is set to disburse N649.434 billion to states of the federation, being balance from the Paris Club refund.
The Minister of Finance, Mrs. Zainab Ahmed, disclosed this, yesterday, at a press conference on the achievements of the administration in the last four years.
She said: “For the final phase of the Paris Club debts refunds, a total sum of N649.434 billion was verified by the ministry as the outstanding balance to be refunded to the state governments.
“The payments made by the Central bank of Nigeria, CBN, as at March 2019, is N691.560 billion. The increase in CBN payments partly arose from exchange rate differential at the point of payment, although, some states still have outstanding balances, which will be refunded in due course.”
The minister said through the implementation of Economic Recovery and Growth Plan, ERGP, which the Buhari-led administration developed in 2017, the economy exited recession and moved upwards on a path of sustainable, inclusive and diversified growth.
She maintained that the ministry was focused on addressing the long-standing issue of “unsatisfactory revenue performance” in Nigeria, particularly in the non-oil sector in order to ensure appropriate financing for critical sectors, such as health, education, and infrastructure.
On the nation’s external reserves, Mrs. Ahmed said it had climbed to $44.69 billion as at May 13, 2019. Describing it as impressive, having moved from the $28.3 billion in 2015, she said: “Our external reserves, on the other hand, grew from $28.3 billion in 2015 to US $44.69 billion as at May 13, 2019,