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Federal allocation to states crashes by N864bn

20 November 2016, 21:18

Abuja - Federation Account allocations to the 36 states in the country have fallen by an average of N2bn per state every month, Punch reports.

This is a result of the crash in global oil prices and the consequent economic challenges, the Governor, Central Bank of Nigeria, Godwin Emefiele, has said.

This made the 36 states to record N864bn fall in federal allocations in the last one year.

Emefiele stated this in his keynote address at the 2016 Annual Bankers Night organised by the Chartered Institute of Bankers of Nigeria in Lagos on Friday.

He said Nigeria was facing “a classical case of economic stagflation” occasioned by external shocks.

News24 previously reported that the governor of Central Bank of Nigeria (CBN) revealed how he saved the nation’s economy from collapsing.

Emefiele pointed out two policies he implemented which has not only saved the economy from total collapse but also reduce the impact of the current economic recession on Nigerian.

According to him, the first way he achieved that, was to ensure bank recapitalization.

- News 24

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