Nigerian govt denies secretly sharing $4 billion Paris, London Club money

Minister of Finance, Kemi Adeosun
Minister of Finance, Kemi Adeosun

The federal government on Thursday denied‎ reports that it was secretly sharing over $4 billion, being refund of over-deduction from the federal and the 36 States as Paris and London Club debt repayments.

‎The Chairman of Senate Committee on Federal Capital Territory, Dino Melaye, on Monday accused the Federal Government of sharing the money in November 2016‎.

Mr. Melaye, who is representing Kogi West Senatorial District, said this on his Facebook page.

He called on the Economic and Financial Crimes Commission to step in and ensure the funds paid to the state governments was not looted.

“‎The 36 states of the Federation collectively received over $4 billion being the over-deduction on Paris and London Club Loans on the accounts of State and Local Governments from February 1990 to March 2002,” Mr. Melaye said.

‎”The movement of the funds has been confirmed by the Central Bank of Nigeria. Nasarawa State received N68 billion, Kogi, N80 billion; Benue, N91 billion, while Plateau, received 75 billion.

“Osun received N84 billion and Edo State received N82 billion. The monies were credited into the respective accounts of all the 36 states of Federation on Monday, 21st November, 2016, while that of Plateau State was paid into a UBA account (1019894291). Nasarawa State confirmed to have been paid into Fidelity and Skye Banks for State Government (N46 billion) and Local Government (N22 billion) respectively,” he said.

Mr. Melaye expressed regrets that all the 36 states governors did not want the general public, especially civil society organisations, to know about these monies, hence the secrecy in the payment.

But, reacting to the allegation, the Minister of Finance, Kemi Adeosun, said ‎no such money was shared.

“It is absolutely not correct. No $4 billion was shared. Where will the government get the $4 billion from?”‎ asked Mrs.  Adeosun.

Meanwhile, the minister disclosed that the federal government generated about N272.03 billion independent revenues between January and October.

She said independent revenues were ‎projected to increase to N811.03 billion as government continued the recovery of amounts owed by government agencies that failed to remit the earnings into the federation Account in line with the Fiscal Responsibility Act, 2007.

Mrs. Adeosun said the Recovery Committee set up by government had invited the management of these agencies to explain why their operating surpluses have not been remitted as mandated by the Act.
She said some of these agencies had incurred huge expenses on overseas training and medicals, and huge expenses on behalf of supervisory ministries and/other organs of government involved in oversight or regulatory functions without appropriate approval.‎

Other infractions of the agencies include payment of salaries and allowances to staff and board members, governing councils, and commissions outside or above the amount approved by the Revenue Mobilisation and Fiscal Allocation Commission (RMFAC) and the National Salaries, Income and Wages Commission.

“The list also includes unacceptable expenses incurred on donations, sponsorships, etc; unfavourable contract signed for revenue collection by a third party; granting of staff loans that have not been repaid as well as sale and transfer of assets to board members, among others.”


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  • MO the Observer

    Dino Malaye the fake info career

  • Bello Sule

    Nothing good should be expected from the likes of Melaye. So he started, so he is gonna end. Recall how he was seen in the past leading group of senators accompanying Mrs. Saraki facing criminal charges against her, during her husband reign as governor in Kwara state. With this kind of character what then would we expect from this guy aside from what we have seen now? This guy is a clown, best to be ignored.