Home News FG To Release N649bn Paris Club Refunds To States
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FG To Release N649bn Paris Club Refunds To States

Osagbemi Anthony

…to increase Corp Members allowance to N30,000

The Federal Government will soon release the sum of N649.43bn as the final refund for the Paris Club debt to state governments.

The Minister of Finance, Mrs Zainab Ahmed, gave the figure on Thursday in Abuja during a media briefing on the activities of her ministry.

Ahmed who said the amount had already been verified by the ministry as the outstanding balance to be refunded to the state governments, also noted that the refund would be made available to the state governments in due course.

She said, “For the final phase of the Paris Club debts refunds, the total sum of N649.434bn 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 as of March 2019 is N691.56bn. The increase in CBN payments partly arose from the exchange rate differential at the point of payment. Although some states still have outstanding balances, they will be refunded in due course.”

Meanwhile, the Federal government has said the National Youth Service Corp (NYSC) members will also benefit from minimum wage increase.

Speaking on the implementation of the new National Minimum Wage, Ahmed said that the financial implications had been worked out by the Presidential Committee set up by Buhari adding that the report had been submitted to the president.

She said the report had already been locked into adding that what was being worked on now was how the salary increment would be financed.

She added, “We have looked at the report and what we are working on now is how we can finance it.

“Apart from the increase of the minimum wage from N18, 000 to N30, 000, there is also a consequential adjustment that we have to negotiate with the labour unions.

“The total implication of that would be worked out only after the negotiations and that would involve determining how much increase every other employee above the minimum wage would get.

“It could be a flat amount or a proportion, but the other aspect that is clear is that there would be an increase for the National Youth Service Corps as well because, by the Act, they should earn at least the minimum wage and the NYSC also has to increase to that N30, 000.

“So, because we have not done the negotiation with labour, I cannot give you the details of what we are projecting because it is simply on projections.

“At the end of the day, it is what we agree with labour that will be the amount that is due.”

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