N649bn Paris club refund: Akwa Ibom, Bayelsa, Delta to get lion’s share

There are strong indications that five states may get the highest allocation out of the N649.43bn expected to be paid by the Federal Government to state governments from the final tranche of the Paris Club loan refund.

The states, according to investigations by our correspondent, are Akwa Ibom, Bayelsa, Delta, Kano and Rivers.

Findings by our correspondent in Abuja showed that due to their strategic importance in terms of revenue allocation, the five states had suffered the highest deductions when the loans for the payment of the Paris club debt were being deducted from the federation account.

It was also gathered that the Federal Government might not pay the final tranche of the N649.43bn refund until after May 29 when new states’ chief executive officers are sworn in.

A top government official confided in that states that got the highest allocation from the Federation Account Allocation Committee were those that suffered highest deductions during the payment of the Paris club debt.

The Paris Club refunds are the longstanding claims resulting from reported over-deductions regarding Paris Club debts made from state government accounts as far back as 1995 to 2002.

These refunds are over-deductions from the states’ FAAC payments for foreign loan servicing over the stated period.

The refunds have been the subject of dispute between the federal and state governments for quite some time.

The source told our correspondent that now that the amount was being refunded, the same pattern that was adopted for the deduction would be used for the refund.

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