With a monthly deduction of N100bn from the gross revenue of the federation, the Federal Government has saved a total sum of N900bn proposed to be spent for state governments’ infrastructural development and security between November 2023 and July 2024, The PUNCH reports.
The Federal Accounts Allocation Committee deducts the amount disbursed to a special account before its monthly revenue distribution to the three tiers of government.
Our correspondent’s analysis of the monthly revenue deduction breakdown revealed this on Sunday.
The item is titled, “Intervention to States for Infrastructure and Security”. The document showed that the government started this saving in November 2023 and has not missed a single month of savings up till July 2024, making the amount surge to N900bn in nine months.
Checks by our correspondent also showed no single amount has been deducted from the account since its inception.
On July 20, 2023, President Bola Tinubu approved the establishment of the Infrastructure Support Fund for the 36 States of the Federation as part of measures to cushion the effects of the petrol subsidy removal on the people.
