Federal finance and statistics / Central Bank of Nigeria

CBN Refunds Excess Paris Club Debt Deductions To States.

Following the discovery of excess deductions from the statutory allocations of some states in the course of offsetting the Paris Club debt stock, the Central Bank of Nigeria has concluded arrangements to refund such excess deductions to the affected states. The bulk of such deductions were from the excess crude and the Petroleum Profit Tax (PPT) accounts. Foreign Operations Circular details modalities for effecting the refunds. Meanwhile, the Development Finance Department has posted speeches and papers presented at the 2nd International Conference on Microfinance and Microentrepreural Award C…