… (bailout and Paris Club Refund)
The receipt of the intervention funds has become a source of concern to some analyst, pundits, social critics and political commentators. Some comments have been made in the print and social media which were half truths and sometimes outright lies. May I use this opportunity to briefly state the facts.
Interestingly, Abia State government received the following intervention funds from FG:
1. Bailout fund N14.2b
2. Paris refund (tranche 1) N10.6b
3. Paris refund (tranche 2) N5.7b
In line with the transparency approach to governance of the current administration, after the receipt of the first intervention (Bailout) fund, the Abia state government constituted a committee made up of the different labour Union leaders; namely NLC, TUC, NULGE, NUP, NUT and Joint Negotiating Council. The committee took charge of the disbursement of the funds to various areas of greater needs and exigencies.
Indeed, the exercise was conducted devoid of government intervention as 100% of funds received were expended in the services of workers? payments. Thisexercise was (by all known standards) transparent and applauded by ICPC, who singled out Abia and two other States for their transparency in the disbursement and utilization of the fund.
There was also an express advice from the Federal Ministry of Finance for 50% of the first tranche of the Paris Refund to be dedicated to the payment of workers?salaries and wages. In addition to committing 50% as advised, the present administration disbursed an additional N600m to the payment of workers? salaries and wages. Thus a total of N5.9b was spent therein.
The second tranche of the Paris refund received by Abia state was 100% spent on workers? salaries and pensions. This has greatly curtailed the salary arrearsand responsibilities of the government.
Overall, Abia received a total sum of N16.3B from the Paris Club refund and deployed N11.6B to service workers/pensioners wage bill. This translates to a commitment of more than 71% of total receipt to service workers? salaries and pension.
It is on record that ICPC , Abia NLC, Nigerian Governors Forum and the National Assembly acknowledged that Governor Okezie Ikpeazu managed the bailout and Paris Fund Refunds better than any other Governor.
In the spirit of Transparency, you deserve to know exactly how he achieved that.—
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