Plateau Officials Raise Concerns Over Reduced Federal Funding

Plateau Officials Raise Concerns Over Reduced Federal Funding....KINDLY READ THE FULL STORY HERE▶

Plateau State Governor Caleb Muftwang has expressed concerns over how inflation and the declining value of the naira are affecting the real value of monthly federal allocations to state governments. Despite an increase in the nominal amount of federal funding, Muftwang pointed out that its purchasing power has greatly diminished…….. CONTINUE READING

“In terms of nominal value, there has been an increase, but when it comes to purchasing power and real value, there has been a significant decrease,” Muftwang stated during an interview on Channels Television’s Sunrise Daily.

The governor also highlighted the rising costs of essential construction materials, such as diesel, cement, and iron rods, which are crucial for infrastructure projects. He emphasized the need to consider the purchasing power of the federal allocations rather than just their nominal amount.

Muftwang further illustrated the economic challenges by comparing historical exchange rates. “In 2015, the dollar was about N180. Today, despite an increase in the nominal allocation, the value of the naira against the dollar shows that we are still a consumer nation with many imported goods priced in dollars,” he explained.

President Bola Tinubu, in a recent address, noted that his administration’s reforms, including the removal of the petrol subsidy and the floating of the naira, have led to state and local governments receiving the highest federal allocations in the nation’s history.

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