Amidst Force Majeure Scare, Akwa Ibom State Earns N10 billion from FAAC
Akwa Ibom State has received N10.324 billion from Federation Account Allocation Committee, FAAC as her share of revenue for the month of December 2020. This is according to report made available by National Bureau of Statistics, NBS.
The December allocation disbursed days ago to States is coming admist fears that the State may commence receiving meagre revenue owing to the panic button pressed by Government officials that the Force Majeure declared by ExxonMobil in December spelt immediate and future economic doom for the State.
ExxonMobil had clarified that the Force Majeure declared by the company in December subsisted for few weeks and was lifted in mid-January, 2021.
The Akwa Ibom State Commissioner for Finance, Mr Linus Nkan is quoted to have said ” Accordingly, the unexpected decrease in the State revenue will affect the activities of Government including the State’s ability to meet its monthly financial obligations to Public Servants, Pensioners and Contractors.”
The State Commissioner for Information, Comrade Ini Ememobong in a recent press statement had also said the State should expect economic challenge from the December 2020 FAAC revenue.
He stated ” The implication of this reduction in revenue obviously indicates that an economic challenge is enroute, but there is certainly nothing to worry. We have as a state been through an economic doom before in 2016, but divine Providence, through our Governor, Mr Udom Emmanuel,helped the state to weather the storm and we made it through. Despite the impending challenge, the factors that worked for us in the past have not changed and will sure work for us again.”
Yet, checks into the revenue profile of the State at the Office of the Accountant General of the Federation shows that this is not be the first time the State would receive revenue in the region of N10 billion in recent months.
FAAC Revenue for October 2020 stood at N10.824 billion while August 2020 was N10.334 billion.
For the December 2020 FAAC revenue, the States with lowest revenue receipt are Osun State N2.693 billion, Cross River State N2.741 billion, and Plateau State N2.935.
Top earners are Delta State N13.450 billion, Rivers State N11.427 billion, Lagos State N10.744 billion and Akwa Ibom State N10.324.
