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Federal Government Disbursed $5.4billion Paris Club Refund to States - Minister

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A total amount of $5.4billion Paris Club Refund has so far been disbursed to states by the Federal Government.

The Minister of Finance, Zainab Ahmed, disclosed this on Monday in Abuja while highlighting steps taken by the Federal Government to increase revenue generation in 2019.

According to her, the Federal Government has taken steps on debts repayment, as a total of $5.4 billion has been paid for the Paris club refund, $1.9 billion as export expansion grant and $6.8billion payment for cash call obligation.

The $5.4billion paid as settlement of the Paris Club Refund, when converted based on the N305 per dollar official exchange rate of the Central Bank of Nigeria is about N1.65trillion.

The Paris Club Refund was released to states in phases based on some conditions.

The Minister added that the steps by the Federal Government to improve the economy in 2019 will include the introduction of a national single window trading platform for the Nigerian customs service and automation of revenue collection processes. This she said is expected to increase revenue by over 90 percent.