FAAC: Cross River Gets N34 Million

It is not yet Uhuru for Cross Rivers State as its allocation is in the negative for a second successive month.

Figures just released show that the state’s net statutory allocation for the Month of February shared in March is N34,960,344.53 (Thirty Four Million, Six Hundred and Thirty-Five Thousand, Three Hundred and Forty-Four Naira, Fifty-Three Kobo).

While the state earned a gross statutory allocation of N2,222,635,051.79 (Two billion, two hundred and twenty-two million, six hundred and thirty-five thousand, fifty-one naira, seventy-nine kobo), a whopping N2,187,674,707.27 (Two billion, one hundred and eighty-seven million, six hundred and seventy-four thousand, seven hundred and seven naira, twenty-seven kobo) 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 February.

This is coming on the heels of a similar abysmal figure of one hundred and seventy-one million naira allocation for January shared in February 2022.

Sources believe that it is nothing short of a miracle that the state has not ground to a halt.

Another source said FG may have started deducting Over N2billion debts being owed by the State.