Don’t Be Frivolous In Spending Savings From Fuel Subsidy Removal, Rewane Warns Govt

The Federation Account Allocation Committee (FAAC) may share up to N1.2trn as monthly allocation to the federal, states and local governments from fuel subsidy removal proceeds and sale of foreign exchange by July, but Nigerians may revolt if the funds are not properly managed to alleviate their sufferings, the Chief Executive Officer of Financial Derivatives Company Ltd, Bismarck Jemide Rewane has said.

In May, a total of N655.9bn was shared by FAAC from April revenue.

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