FAAC: C'River Laments As State Received N34m In March As N2.1b Was Deducted To Service Debts Incurred By Duke, Imoke's Administrations

 

The Cross River State Government has lamented bitterly following the deduction of about N2.1 billion naira, amounting to 15 per cent of its statutory allocation from the Federation Account in March.

Figures released show that out of the state’s gross allocation of N2.22bn, only N34.9m was received by the state as N2.18bn was deducted to service debts incurred by previous administration of Mr. Donald Duke and Senator Liyel Imoke.

A statement titled, “Cross River gets N34 Million from FAAC for March” said that this is coming after the state received a meager N170m in February.

It read, “For a second successive month, Cross River State’s allocation from Federal Allocation is in the negative.

“Figures just released shows that the state’s net statutory allocation for the month of March is N34,960,344.53.

“While the state earned a gross statutory allocation of N2,222,635,051.79, a whopping N2,187,674,707.27, was deducted at source to service debts incurred by previous administrations.

“This leaves the state with a paltry thirty four million naira as allocation from federal allocation for the month of March.

“This is coming on the heels of a similar abysmal figure of one hundred and seventy one million naira allocation for the month of February, 2022. Financial analysts believe that it is nothing short of a miracle that the state has not ground to a halt.”