Incredible! Cross River gets N34 Million from FAAC for March

For a second successive month, Cross River State’s allocation from Federal Allocation is in the negative.

Figures just released shows that the state’s net statutory allocation for the Month of 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 federal allocation for the month of March.

This is coming on the heels of a similar abysmal figure of one hundred and seventy one million naira allocation for the month of February, 2022.

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