The name of the Paris Club became very popular in Nigeria in the year 2005 when the ‘Club’ judged the Federal Government’s economic reforms as far-reaching and focused and so cancelled 60 per cent of the $30 billion Nigeria was owing to it. That amounted to $18 billion.

Between the years 1995 and 2002, before the debt was written off, the Federal government had agreements with the state governments to deduct certain amounts from their federal allocation to service the debts.

Following a final agreement eventually reached with the club in October 2005, some states that have been over charged in the debt servicing arrangement applied for a refund.

In December 2016, the Federal Government eventually agreed to refund the states but in three tranches. The first and Second tranches have been released and Nigerians are once again inundated with stories about Paris Club.

Many still wonder what the Paris Club is.

Below are five facts that summarise what the Paris Club stand for