Monetary Policy: Ebonyi Gets N3bn From Paris Club Refund

EBONYI State government, yesterday, said it made over N3 billion from the fixed deposit accruing from the Paris Club refunds from the Federal Government. 

Governor David Umahi disclosed this during a stakeholders meeting with labour and civil servants in the Executive Council Chambers, Government House, Abakaliki, where he said the state policy under his watch had made it a policy that any  government money that  is staying in the bank beyond 24 hours must be fixed.

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He said over N2.9 billion of one of the tranches of the Paris Club had been given to the local government staff for salary and other entitlements, as pension and gratuities were not paid in the state since 2006.

Umahi also disclosed that UBEC counterpart funds were not paid by the previous administration and maintained that his administration came under severe debt in the accruals from the Paris Club refunds.

Umahi lamented that the past administration in the state could not give any account of the money received from the Paris Club refunds,   saying, “we wrote the past administration to tell us how they spent the refund which made Ebonyi indebted to the tune of $500 million, they didn’t reply and we decided to let the sleeping dog lie.”