FEDERAL GOVERNMENT DEDUCTS N415BN STATE ALLOCATIONS FOR DEBT SERVICING
Written by Olakunle Oke on March 26, 2024
The Federal Government has deducted over N415bn from state government allocations to service their external loans, according to findings by journalists.
This was according to data from the Federation Account Allocation Committee Disbursement reports published by the National Bureau of Statistics.
The deductions were made between 2019 and 2023 from the allocations given to state governments from the Federation Account.
The federation account is currently being managed under a legal framework that allows funds to be shared under three major components: statutory allocation, Value Added Tax distribution and derivation principle.
Source: Jordan 105.5fm News Bulletin
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