The Federal Government has deducted a total sum of N32bn from allocations
\nof states from the Federation Account in the month of April 2016 for
\ndifferent loans they incurred.<\/p>\n
In a report by the Economic Confidential, the economic intelligence
\nmagazine, Osun state is worse hit by the development and ranks number one,
\nas its allocation for the month of April 2016 totaling N2.030 billion was
\nwiped away by a deduction of N2.391 billion leaving a deficit of N361
\nmillion to be paid in the subsequent month by the state, and this
\nrepresents a whopping 117.8 percent of the total allocation due the state
\nfrom the federation account.<\/p>\n
This means that Osun state had nothing to take home for the month of
\nApril, 2016, as other means of survival had to be adopted to keep the ship
\nsailing for the people of Osun State.<\/p>\n
Osun State is followed in the mind boggling deduction conundrum by Bayelsa
\nstate with a total deduction of N3.207 billion out of an allocation of
\nN4.812 billion for the month of April, 2016 representing 66.66 percent of
\nthe total allocation.<\/p>\n
Others are: Cross River state with a total deduction of N1.405 billion,
\nOgun state, N1.185 billion, Plateau State, N1.248 billion and Ekiti State
\nwith N1.067 billion all representing 63.46 percent, 57.20 percent, 56.52
\npercent and 55.33 percent respectively within the period under review.<\/p>\n
From the investigation, not less than N3.078 billion of the total amount
\nwas deducted for bail-out funds granted the states by the Federal
\nGovernment. At least eight states had no deductions on bail-out funds for
\nthe month of April 2016. The states: Akwa Ibom, Anambra, Jigawa, Kogi,
\nLagos, Rivers, Yobe and the Federal Capital Territory did not collect the
\nbail-out funds from the federal government or appropriate time for the
\ndeduction have not fallen due and are yet to commence.<\/p>\n
Meanwhile, from the schedule of deductions obtained and computed by the
\nEconomic Confidential, the deductions from the states also includes debts
\non AMCON loan, Commercial Agric Credit Scheme, Bond Issuance Programme,
\nContractual obligation, and deduction from Excess Crude account. Others
\nare: Refund\/Payment arrears of derivation, foreign loans, special
\nintervention\/flood management project, the national fadama project and
\nreconstruction of commercial bank loans into FGN bonds apart from bail-out
\nfunds.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Federal Government has deducted a total sum of N32bn from allocations of states from the Federation Account in the month of April 2016 for different loans they incurred. In…<\/p>\n","protected":false},"author":1,"featured_media":51424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-52503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n