Home / News / Federal Allocation: How Akwa Ibom recieved N7.4 billion for the month July- Finance Commissioner Explains

Federal Allocation: How Akwa Ibom recieved N7.4 billion for the month July- Finance Commissioner Explains

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The Government of Akwa Ibom State has refuted a newspaper report purporting that the state received a whopping sum of 17.8 billion naira as its share of Statutory Allocation for the month of July.

The Commissioner for Finance, Akwa Ibom State, Mr Akan Okon made this known to newsmen in his office on Tuesday.

He frowned at the newspaper story published on several print and online media, describing the report as misleading and fictitious.

The Finance Commissioner noted that a total of N559.03 billion was distributed between the Federal, State and Local Governments by the Federal Account and Allocation Committee (FAAC) and not N673.324 billion as reported in the media.

Okon stressed that Akwa Ibom received the sum of N7.4 billion (Seven Billion Four Hundred Naira) only as its share of Statutory Allocation for the month of June, shared in July 2016 while the 31 Local Government in the state received the sum of N3.3 billion.

He called on journalists to always confirm their facts before rushing to publish them as such actions are capable of causing serious heat in the polity.

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