Federal Allocation Drops by 20%

The allocations to the three tiers of government, state, local and federal governments, after the monthly Federation Account Allocation Committee (FAAC) meeting on Thursday, dropped by 20.63% from N559.032 shared the previous month to N443.663 billion for july.

Addressing reporters at the end of the meeting, the Permanent Secretary of the Finance Ministry, Dr Mahmoud Isa-Dutse who represented the minister, Kemi Adeosun, attributed the reduction to the sustained attacks on oil installations by Niger Delta Avengers( NDA)leading to disruptions both in oil production and sales.