• FG deducts N32bn from allocation to distressed states

    FG deducts N32bn from allocation to distressed states

    The Federal Government has deducted N32 billion from allocations to states from the Federation Account in the month of April 2016.

    This deduction from source covered the different loans incurred by the affected states.

    This was disclosed in a report by the Economic Confidential, an economic intelligence magazine.

    The report said Osun State was worse hit by the development, as its allocation for the month of April 2016 totaling N2.030 billion was wiped away by its debt of N2.391 billion, leaving a deficit […]