The Federation Accounts Allocation Committee (FAAC) meeting which took place yesterday, presented the lowest FAAC in over 5 years, with less than N300bn in revenue driven by the impact of the historically low oil prices in January and February. This sum also reflects a seasonally low collection period for the Federal Inland Revenue Service (FIRS).
With about 27 states currently experiencing challenges meeting their salary payments and in response to the above, obligatory repayments due to the Federal Government from the states in respect of their restructured loan obligations are being deferred for the current month.
