Rachael Olokungboye
ABUJA–The Federal Government on Thursday forced states and local governments to share N680.687 billion as allocation for this month.
The much-awaited April 2021 Federation Account Allocation Committee (FAAC) meeting which kicked off before noon with the technical session, was still ongoing as of press time last night.
According to a report, a source told The Nation that the plenary session collapsed when the state governments demanded to share the entire revenue generated for the month.
But the Federal Government rejected the request and insisted that it must save some money. There exists a gentleman’s agreement between the three tiers of government that not less than N650 billion should be shared every month after the FAAC meeting.
Where there is a shortfall in revenue, the Federal Government is obligated to withdraw from strategy accounts to augment what is to be shared for the month. The shortfall in March threw up controversy following Edo Governor Godwin Obaseki’s claim that N60 billion was printed by the Central Bank of Nigeria (CBN) to augment allocations.
Thursday, a drama ensued when the federation account recorded revenue of over N800 billion.
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