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States cash crunch forces Buhari to approve payment of outstanding Paris Club

Barely one week after the approval of N800mn budget support loan to 28 states, the federal government approved the processing of payment of the last tranche of the Paris Club money.

Otherwise, President Muhammadu Buhari on Monday directed the Minister of Finance, Mrs. Kemi Adeosun; the Minister of Budget and National Planning, Udo Udoma; and the Central Bank Governor, Godwin Emefiele, to work with state governors to ensure the payment of outstanding Paris and London Clubs refunds before the end of the year.

This stemmed from a meeting he had with state governors at the Presidential Villa, Abuja on Monday.

Before now about two tranches of the facility had been paid to states even though several states were accused by their workers of abusing the disbursement of the facility as the original target which include payment of outstanding salaries of workers were not met after all.

Tweets posted on one of the Presidency’s twitter handles, @NGRPresident, said the meeting featured discussions on the nation’s economy, workers’ welfare as well as Federal-State relations, among others.

“President @MBuhari has directed the Ministers of @FinMinNigeria and Budget & National Planning and Governor @cenbank to commence negotiations with the Governors Forum to enable payment of outstanding Paris & London Club refunds, before the end of the year,” the information read.

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