PESHAWAR, Feb 26: Water and Power Development Authority (Wapda) has cleared the arrears it owed to pay to NWFP as ‘return of assets’ transferred to it by the province, according to official sources.

Wapda is supposed to pay specific amount of money every year to NWFP as return of assets transferred to it by the province at the time of its (Wapda’s) establishment.

“After a gap of four financial years, Wapda has recently released funds to NWFP under this head,” said the sources.

Wapda released a total of about Rs17 million to NWFP clearing the arrears accumulated against it during the last four years, and the sum the Authority was required to pay during the current financial year, according to the sources.

In its annual budget statement for the financial year 2002-03, the provincial government has laid claim to an amount of Rs3.431 million under this head — the amount the province is supposed to get from the Authority every year at the rate of four per cent return of assets transferred to Wapda.

The revenue received by Wapda under this head forms part of the provincial government’s revenue receipts generated through income from property and enterprises.

The NWFP government has estimated to raise a total of Rs16.017 billion through income from property and enterprises, including Rs15.9 billion on account of profit from net hydel profit, Rs100 million from interest, Rs10 million from dividends and Rs3.431 million through return of assets transferred to Wapda.

Although the province has projected to raise a sum of Rs16 billion through income from property and enterprises during the on-going financial year, it would hardly raise around Rs6.113 billion as it would not get anything beyond Rs6 billion under the net hydel profit account — the capped share amount it receives from Wapda every year for the last 10 financial years.