Tuesday, May 24th, 2022

N950bn Deduction: Federal Government, states ready for showdown.

N950bn Deduction: Federal Government, states ready for showdown.

The 36 states and the Federal Government are set for a showdown over the planned deduction of N950bn from the allocation due to the states in 2022. It was noted that the commissioner for finance in all 36 states are expected to meet in the coming days. Federal Government seeks N2.557tn for subsidy plan. On

The 36 states and the Federal Government are set for a showdown over the planned deduction of N950bn from the allocation due to the states in 2022. It was noted that the commissioner for finance in all 36 states are expected to meet in the coming days.

Federal Government seeks N2.557tn for subsidy plan.

On Tuesday President Muhammadu Buhari transmitted the 2022 Appropriation Act Amendment Bill to the National Assembly, seeking assent of the federal parliament for a supplementary budget estimated N150bn.

The Senate President, Ahmed Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila read President Muhammadu Buhari’s letter dated February 10, 2022, in plenary.

The President letter read in part, “An additional provision of N2.557tn will be required to fund the petrol subsidy in 2022. Consequently, the Federation Account (main pool) revenue for the three tiers of government is projected to decline by N2tn, while FGN’s share from the account is projected to reduce by N1.05tn.”

The Chairman, Forum of Commissioner of Finance and Benue State Finance Commissioner, David Olofu, stated that, the states of the federation will continue to have it tough with the decision to redirect huge amount of money meant for states to subsidy payment.

It could be recalled that the President during his campaign had stated that the subsidy in the country is a scam, questions have been raised why the President has now condoned it.

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