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UBEC: FG to pay N71 billion outstanding counterpart fund

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3 years ago

July 4, 2022

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The Executive Secretary, Universal Basic Education Commission, Dr Hamid Bobboyi, has said that the Federal Government would pay N71.29 billion directly to the commission being the outstanding counterpart funds.

Bobboyi made this disclosure in an interview with the News Agency of Nigeria on Friday in Abuja.

According to him, the Federal Government will deduct the entire outstanding counterpart fund of all states from their Paris Club Refund account.

He explained that the Federal Government would provide just the matching grants, while the state governments would provide the counterpart fund to be able to access the funds provided by the federal government.

“There is a new development and the Federal Government has given us a schedule of these states.

“The total amount the Federal Government is going to pay and remit directly to the commission is N71, 292, 316, 087.84.

“So, UBEC in disbursing the funds will put the counterpart funds along with the matching grants and disburse to states if they meet the conditions.

“So, the issue of funds not accessed in UBEC will soon come to an end at least for 2018, which is a good thing.’’