60 secs Minimum - 8 mins Maximum Read
- Pension/Salary Arrears: ₦740bn
- Oil Subsidy Debt: N₦350bn
- Paris Club Overdeductions: $5.4bn
- JV CashCall Arrears: $6.8bn
- Contractor Debt/EEG Debt: ₦1.9 Trn
- Refunds to States for Roads: ₦488bn
Total: ₦7 TRILLION
You can't understand where we are today without understanding where we're coming from. At least 7 TRILLION Naira in unpaid debts/liabilities, accumulated between 1999-2015, inherited by Buhari Administration.
All now being paid/settled. Even amidst relatively-low oil prices.
Look at Salaries/Pensions arrears. Examples abound: Nigerian Airways staff laid off 2003/4,unpaid until 2018. Delta Steel Co, Ex-Biafra Police Officers (pardoned since 2000)
See this thread from earlier this year by former Finance Minister @HMKemiAdeosun:
We inherited quite a lot of unpaid obligations to civil servants and to contractors: pensions; salary & promotion arrears to civil servants; obligations to contractors; unpaid electricity bills by Ministries, Departments and Agencies (MDAs)...— Kemi Adeosun (@HMKemiAdeosun) May 15, 2018
Look at Paris Club Overdeductions. The monies in question date back to the period between 1995 and 2002. (FG over-deducted money from States for repayment of Paris Club debt)
In 2016 PMB directed that the claims of over-deduction be formally reconciled by the DMO.
The reconciliation started in November 2016.
The first set of Refunds (50%) to State Governments were released between Dec 2016 & Sept 2017.
Balance of 50% - amounting to ~$2.7bn - has just been paid, in fulfillment of PMB's Promise: https://t.co/jSwAWRBlvO
Another Debt Paid.
Partial Source Credit: Twitter & SUN NEWS ONLINE