Allocations

There is intense apprehension at the Central Bank of Nigeria (CBN) Thursday that the Naira may weaken further as the Federation Account Allocation Committee (FAAC) is set to disburse allocations from the revenues generated into the federations’ accounts among the federal, state and local governments. Sources within the apex bank Thursday told PREMIUM TIMES that there are concerns that funds from FAAC were often illegally converted to dollars by some corrupt state governors at the unofficial market, with a ripple…

For the first time since 2006, California officials have increased allocations from the vital State Water Project to 100% of requested supplies, as reservoirs across the state are nearing capacity and an epic snowpack has yet to melt.An unusually wet winter brought unprecedented snowfall and a succession of heavy rainstorms, pulling much of the state out of a punishing years-long drought and transforming the year’s water outlook. “It’s the biggest allocation in quite a few years now and it reflects a very, very wet…