Paris Club refund: Governors stop deductions, consultants head for French court

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The Nigeria Governors Forum says it has stopped the planned payment of $418 million and the promissory notes issued to the Paris Club consultants by the Federal Ministry of Finance and the Debt Management Office.

The decision followed a motion of urgent public importance moved by the Chairman of the House Committee on Power, Magaji Aliyu on July 21.

‘’The effect of the order of the court is that Respondents cannot proceed with the proposed sale of the power plants belonging to the Niger Delta Power Holding Company Limited until the hearing and determination of the Motion on Notice for Interlocutory Injunction.’’ The governors stated, “Members were also briefed by the World Bank Task Team Leader, Professor Foluso Okunmadewa on the desired restructuring of the $750 million Nigeria COVID-19 Action Recovery and Economic Stimulus Programme to respond to Nigeria 2022 Flood Response following discussions with states and the National Economic Council Ad hoc Committee on Flooding.

Sequel to the discussions between sub-sovereigns at the recently concluded second African Sub-Sovereign Government Network Conference, the forum agreed to pursue through its membership of the Forum of Regions of Africa and its partnership with the African Export-Import Bank, support for enhanced dialogue, cooperation and collaboration between sub-sovereign governments around intra-African trade, investment, industrialization and development.

The NGF assured the programme of its commitment to sustain the reforms and implement recommendations that could further strengthen its public financial management systems.

 

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