KUDOS TO FORMER MINISTER OF FINANCE KEMI ADEOSUN .

Debts/Liabilities inherited by Buhari Admin in 2015:

Pension/Salary Arrears: N740bn

Oil Subsidy Debt: N350bn

Paris Club Overdeductions: $5.4bn

JV CashCall Arrears: $6.8bn

Contractor Debt/EEG Debt: N1.9 Trn

Refunds to States for Roads: N488bn

Total: 7 TRILLION Naira
#Thread

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: https://t.co/3XwNmwr1Qz

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.