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Federal Allocation Drops by 20%

By Yetunde Verissimo, The Nigerian Voice, Abuja

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.