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Shrinking remittance to FG account will affect payment of salaries, governors warn Nigerians

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The Nigerian Governors Forum (NGF) has said subsidy payments on Premium Motor Spirit (PMS) have affected revenue inflow into the Federal Account, adding that 30 states may not be able to pay salaries in the coming months because of dwindling federal allocation.

The forum made this known in a memo forwarded to the Chairman of the House of Representatives ad hoc committee investigating the volume of daily fuel consumption in Nigeria.

It added that with the projected decline in gross distributable federation revenues in 2022, fiscal deficits and the coming into effect of the Petroleum Industry Act, gross oil & gas revenues are likely to dwindle than currently projected because of the new fiscal terms and the earmarking of deductible revenues specified in the PIA.

To speak further on this, TV 360 Correspondent, Deji Bademosi joins us now, thank you very much for joining us.




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