ALGON Recovers $2.6bn Unremitted Paris Club Loan Refund

The Association of Local Governments of Nigeria on Thursday said it has recovered its $2.6bn unremitted Paris Club Loan Refund meant for Local Government Councils in the country which was disbursed to the states by the Federal Government.

The organisation also demanded upward review of fiscal allocations to LGAs because of the current economic challenges, insecurity and COVID-19 pandemic.

The National President of ALGON, Kolade Alabi, said these during the National Executive Committee meeting of the association in Abuja.

While demanding upward review of fiscal allocations to council areas in the country, he said the current revenue being allocated to local councils in the country was grossly inadequate to carter for the needs of the councils.

The association, according to Alabi, wants local councils to be treated as state actors in affairs of the country.

The completion of the divestment was subject to the receipt of the final approval of PenCom, it stated.