FG approves over N10bn stabilization for states

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said it recommended for approval of over N10 billion from the stabilization fund account of the Federal government to various states of the federation during the last two years.

A statement from the Commission’s Public Relations Officer Mr. Nwachukwu said the Chairman of the Commission, Mohammed Bello Shehu disclosed this in Abuja.

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Mohammed Bello informed that such recommendation is given in line with the provision of section 5(7) of cap A15 LFN 2004 under which the stabilization fund was established and empowers the Commission to work out an acceptable threshold from the stabilization account.

RMAFC Chairman cited Cross River State as one of the States that is benefiting from this, stating that Cross River State has been having a five years renewable recommendation for monthly payment of N500 million from the stabilization account since 2008.

This according to Bello was part of Federal government’s effort to settle and stabilize the displaced Nigerians who relocated from Bakassi Peninsula to the state after Nigeria’s ceding of the Peninsular to the government of Cameroon in 2008.