Nigeria plans to release the balance of the Paris Club debts refunds of about 649.43 billion naira to the 36 states of the federation soon, the West African country's finance minister has said.
The Central Bank of Nigeria (CBN) had in March released 691.56 billion naira to some state as part of the Paris Club debt refunds.
According to the Minister, the implementation of policies under the Economic Recovery & Growth Plan (ERGP) led the economy to exit recession and currently on a path of sustainable, inclusive and diversified growth.
She, however, lamented the country’s “unsatisfactory revenue performance”, particularly in the non-oil sector, saying this has negatively impacted financing of critical sectors such as health, education, and infrastructure.
The Minister said the significant improvement in the country’s external reserves from $28.3 billion in 2015 to $44.69 billion as at May 13, 2019, has helped stabilise the currency exchange rates and economy.
On the role of domestic revenue mobilisation for continued economic success and inclusive growth in the country, Ahmed said time to act to accelerate all revenue initiatives is now.
She said she has accepted President Muhammadu Buhari’s call to action, by prioritising revenue generation, and strategic revenue growth initiatives and cost-cutting interventions aimed at boosting revenue performance.
Nigeria commenced the refunds of Paris Club debt over-deduction to states under the present administration of President Buhari in 2016, as part of the government strategy to help the states come out of financial tightness as the economy slipped into recession.
Many states were and are still unable to pay huge outstanding wages to workers and the country main revenue sources witness a major decline in the wake of global oil prices collapsed.
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