CNBC Africa

The Federal Government on Saturday confirmed the release of the final tranche of the Paris Club refund to 27 state governments.

The Director, Home Finance, Federal Ministry of Finance, Mrs Siyanbola Olubunmi, confirmed the release of the fund to the 27 states while speaking at the end of the Federation Account Allocation Committee meeting held at the headquarters of the ministry of finance.

She said about ten other states have yet to be paid by the ministry, adding that payments to them was being delayed by some processes.

Olubunmi who did not provide the amount that was paid said as soon as the processes were sorted out, the fund would be released to the states.

It was reported that payments to some states may be delayed as a result of a suit filed by the consultant engaged by the Nigerian Governors Forum.

The Federal Government had in July released the second tranche of N243.79bn, bringing the amount so far disbursed to states as refund under the Paris Club loan to N760.17bn.

A breakdown of the amount showed that five states received the highest amount of N10bn each.

The states are Akwa Ibom, Bayelsa, Delta, Kano, and Rivers.

The total amount of N50bn received by these five states represents 20.5 per cent of the entire amount released under the second tranche.

Get more stories like this on Twitter

AD: To get thousands of free final year project topics and other project materials sorted by subject to help with your research [click here]

More Stories