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Reading: Lack of Money In Federation Account Stalls FAAC Meeting – Fashola Alleges

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Lack of Money In Federation Account Stalls FAAC Meeting – Fashola Alleges

Last updated: 2014/10/16 at 4:09 PM

starconnect Published 16 October 2014

Lagos State Governor, Mr. Babatunde Fashola SAN (middle), Chairman, Action Congress of Nigeria (ACN), Chief Henry Oladele Ajomale (right), and a Chieftain, Action Congress of Nigeria, Chief Pius Akinyelure (left), during the 40th Days Fidau Prayer for late Iyaloja General of Lagos, Alhaja Abibatu Mogaji at Blue Roof LTV 8 Agidingbi Road, Ikeja, on Thursday, July 25, 2013.

October 16, 2014 – The Lagos State Governor, Mr. Babatunde Fashola has alleged that the Federation Account is empty. Fashola who was speaking on an occasion to mark World Food Day in Lagos said the Federal Allocation Accounts Committee (FAAC) meeting where money accruing to states are decided could not hold in Enugu due to unavailability of cash.

“As I was coming to this event, I received a message that the monthly Federal Allocation Accounts Committee,( FAAC) meeting where states are told how much the country earned in the last 30 days and the money is distributed among the three tiers of government- federal, state and local governments.

The meeting which was scheduled to hold in Enugu State today(Thursday) was postponed because there was no enough money in the Federation Account”, the governor said, adding that no country can function without effective tax policy.

” So if we are to wait for the monthly federal allocation, we will not be able to provide the dividends of democracy to the residents of Lagos State. It was through the money we realized from taxes that we used to provide the empowerment materials for the residents of the state”, he said.

He said that 3, 149 persons who were idle before now will start raising new entrepreneurs adding that the state government does not measure economic progress in the state by the number of billionaires and owners of private jets which exclude many in the country.

“But we measure ours by the number of ordinary people in the society. These are people who produce small products, render services that give them honest income and put food on their table. With all these, we are raising new entrepreneurs and tackling unemployment in the state”, he said.