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Home National Debts: FG Deducts N32bn from States Allocation
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Debts: FG Deducts N32bn from States Allocation

By
Economic Confidential
-
August 22, 2016
… Loans on Bail-Out, AMCON, Foreign Loans, Bonds, Commercial Agric
… Osun, Bayelsa, 4 other States in Critical conditions
coatThe Federal Government has deducted a total sum of N32bn from allocations of states from the Federation Account in the month of April 2016 for different loans they incurred.
In a report by the Economic Confidential, the economic intelligence magazine, it appears Osun state is worse hit by the development and ranks number one, as its allocation for the month of April 2016 totaling N2.030 billion was wiped away by a deduction of N2.391 billion leaving a deficit of N361 million to be paid in the subsequent month by the state, and this represents a whopping 117.8 percent of the total allocation due the state from the federation account.
This means that Osun state had nothing to take home for the month of April, 2016, as other means of survival had to be adopted to keep the ship sailing for the people of Osun State.
Osun State is followed in the mind boggling deduction conundrum by Bayelsa state with a total deduction of N3.207 billion out of an allocation of N4.812 billion for the month of April, 2016 representing 66.66 percent of the total allocation.
Others are: Cross River state with a total deduction of N1.405 billion, Ogun state, N1.185 billion, Plateau State, N1.248 billion and Ekiti State with N1.067 billion all representing 63.46 percent, 57.20 percent, 56.52 percent and 55.33 percent respectively within the period under review.
From the investigation, not less than N3.078 billion of the total amount was deducted for bail-out funds granted the states by the Federal Government. At least eight states had no deductions on bail-out funds for the month of April 2016. The states: Akwa Ibom, Anambra, Jigawa, Kogi, Lagos, Rivers, Yobe and the Federal Capital Territory did not collect the bail-out funds from the federal government or appropriate time for the deduction have not fallen due and are yet to commence.
Meanwhile, from the schedule of deductions obtained and computed by the Economic Confidential, the deductions from the states also includes debts on AMCON loan, Commercial Agric Credit Scheme, Bond Issuance Programme, Contractual obligation, and deduction from Excess Crude account. Others are: Refund/Payment arrears of derivation, foreign loans, special intervention/flood management project, the national fadama project and reconstruction of commercial bank loans into FGN bonds apart from bail-out funds.
See the two table in the attachment!
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IPRA Calls on UN to Curb Misinformation from AI and Social MediaNnamdi Kanu’s Threat to Break Up Nigeria Was Deliberate, FG Insists‎FACT-CHECK: Was Obi Ever Pictured Having Coffee with Gen Sani Abacha at the Presidential Villa?NUJ Urges Constitutional Backing for Journalists, Proposes Media Bailout FundBenue Police Nab Notorious Arms Traffickers, Recover Rocket Launcher, AK-47 Rifles, AmmunitionTinubu Appoints IBB's Son as Chairman, Bank of Agriculture, Names Heads of Key AgenciesIn Rivers, Customs Hands Over N20.5bn Worth of Fake Drugs to NAFDACCOUNTER-TERRORISM OPERATIONS: Troops Arrest Terrorists Collaborators, Eliminate Scores, Seize Weapons, Rescue Captives Across N'EastAdeniyi Inaugurates Lagos School Renovated by Nigeria Customs UK-Nigeria Pact to Drive Defence Innovation, Joint VenturesCustoms' Maiwada Named Among Nigeria’s 50 Most Influential PR VoicesCritique of Renaming University of Maiduguri after Muhammadu Buhari By Dr Umar ArdoFULL TEXT: President Tinubu Extols Muhammadu Buhari at Special FEC SessionAgain, FG Postpone Recruitment into Paramilitary AgenciesBuhari's Shocker: I look Forward to Leaving, and when it's time, I go to my Grave By Femi Adesina
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