By CrossRiverWatch Admin
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The Cross River State Government received only about 15 percent of its statutory allocation from the Federation Account in March.
According to the Punch Newspaper figures released show that out of the State’s gross allocation of N2.22bn, only N34.9m was received by the State as N2.18bn was deducted to service debts incurred by the previous administration.
A statement titled, “Cross River gets N34 Million from FAAC for March” said that this is coming after the State received a meager N170m in February.
It read, “For a second successive month, Cross River State’s allocation from Federal Allocation is in the negative.
“Figures just released show that the State’s net statutory allocation for March is N34,960,344.53.
“While the State earned a gross statutory allocation of N2,222,635,051.79, a whopping N2,187,674,707.27 was deducted at source to service debts incurred by previous administrations.
“This leaves the State with a paltry thirty-four million naira as allocation from the Federal allocation for March.
“This is coming on the heels of a similar abysmal figure of one hundred and seventy-one million naira allocation for February 2022. Financial analysts believe that it is nothing short of a miracle that the state has not ground to a halt.”
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