Benue Government has received N12.7 billion from the Federal Government as 25 per cent of its refund from over deductions on account of loan repayment.
The News Agency of Nigeria (NAN) reports that the deductions were done by the Federal Government to repay external loans, especially from the Paris Club, between 1990 and 2002.
Gov. Samuel Ortom told newsmen on Friday in Makurdi that the government received N12.7 billion from Paris Club three days ago.
Ortom explained that the N12.7 billion was based on the current CBN Dollar/ Naira exchange rate.
He disclosed that the amount due to the state was 181 million dollars but owing to the prevailing economic challenges confronting the nation, the Federal Government agreed to pay 50 per cent of the money to the state.
However, checks by NAN in Makurdi in three banks, Ecobank, Sky Bank and Access Bank, showed that the current exchange rate stood at N305 to a dollar.
An official of the bank explained that the rate would persist throughout December
Ortom, however, said he planned to meet with labour unions next week to discuss the utilisation of the funds.
The governor explained that the state had an agreement with President Muhammadu Buhari that 50 per cent of the money should be dedicated to the payment of workers’ salaries.
“The money is to be used for arrears of salaries; we will be meeting with the labour unions on Monday to discuss how the money can be applied.
Ortom further explained that 45 per cent of the total money received was for the local governments.
(NAN)