FG Says No Enough Fund In Federation Account -FasholaFeatured, Latest News Thursday, October 16th, 2014
States in the Nigerian federation will not be able to get their monthly allocation for the month of September from the Federation Account as the Federal Government says there is not enough fund in the account to pay States.
This was disclosed by Governor Babatunde Fashola of Lagos State on Thursday at the celebration of this year’s World Food Day in Lagos, Nigeria.
The governor said before coming to the programme he got a message that the monthly Federation Account Allocation Committee (FAAC) which was supposed to hold in Enugu today had been postponed because there was not enough fund in the Federation Account.
“As I was coming to this event, I received a message that the monthly Federal Allocation Accounts Committee meeting where states know how much the country earns in the last 30 days has been postponed.
“It is at the FAAC that the money is distributed among the three tiers of government-Federal, State and Local governments. The meeting which was scheduled to hold in Enugu State today was postponed because there was not enough money in the federation account.
“That is where the economy of the country is today; that was the reason I said that there is no government that can function effectively without well structured tax system. So if we are to wait for the monthly federal allocation, we will not be able to provide the dividends of democracy to the residents of Lagos State. It was through the money we realized from taxes that we used to provide the empowerment materials for the residents of the state,” Fashola stated.
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