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FG Deducts N35.52 Billion State Debts From Allocation

Nov 29, 2019 Hit: 44 Written by 
FG Deducts N35.52 Billion State Debts From Allocation

The Federal Government has deducted the sum of N35.51Billion Naira from the allocation made to the states for external debt servicing, contractual obligations, and others. the deductions, which were for the month of September, were made from the allocations given to State Governments from the federation account.

Analyses of the deducted N35.51Billion Naira showed that Lagos State recorded the highest digit, with the sum of N3.23Billion Naira, follows by Osun with N2.01illBion Naira.

Cross River, Bayelsa, Akwa Ibom, and Bauchi followed with N1.72 Billion Naira, N1.35BN and N1.33BN, respectively, while Ogun recorded N1.42 Billion Naira.

Meanwhile, President Muhammad Buhari has again forwarded the $29.96Billion Dollars 2016-2018 external borrowing plan to the Senate for its consideration and approval.

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