Concise News learned that Nigeria’s Minister of Finance, Zainab Ahmed, gave the figure on Thursday in Abuja as she briefed the media on the activities of her ministry.
She said the amount had already been verified by the ministry as the outstanding balance to be refunded to the state governments.
According to Ahmed, the refund would be made 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.”
She said that between June 20, 2018, when the 2018 budget was signed into law by President Muhammadu Buhari and May 14, 2019, the Federal Government had released a total of N2.079tn to finance the capital components of the 2018 budget.
The Nigerian government had as of March 29 put the total amount released for capital projects at N1.9tn.
This means that between March 29 and May 14, a fresh sum of N170bn had been released to Ministries, Departments and Agencies of government for the implementation of the capital component of the 2018 budget.