Home EDUCATION Counterpart Fund: FG To Pay N71 Billion Outstanding To UBEC

Counterpart Fund: FG To Pay N71 Billion Outstanding To UBEC

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Universal Basic Education Commission UBEC
Universal Basic Education Commission UBEC

The Executive Secretary, Universal Basic Education Commission UBEC Hamid Bobboyi, has said that the Federal Government would pay 71.29 billion naira directly to the commission being the outstanding counterpart funds.

Bobboyi who made this known in Abuja, said the Federal Government will deduct the entire outstanding counterpart fund against all states of the federation from their Paris Club Refund.

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.

Bobboyi, however, said a lot of progress had been made by states in accessing their matching grants from UBEC, adding that previously there would be stacks of money in the commission waiting to be accessed.

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