FAAC: KWSG Gets N3.78bn as October Allocation

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    …as LGAs receive N2.47bn

     By Mosunmola Ayobami, Kwara

    Kwara State Government has received a total sum of N3.78 billion as Federal allocations for the month of October.

    The statement by Commissioner for Finance and Planning Florence Olasumbo Oyeyemi on Saturday stated that the allocations comprise of N1.92billion statutory revenue allocation (gross); N310.66 million (deductions); N1.28 billion Value Added Tax (VAT); N215.78million Forex Equil; N392.9 million Excess Crude (FGN Intervention Fund); and N282 million non-oil revenue.

    The statement explained that October allocation is less by N264.4million when compared with September allocation, according to the statement.

    “It is to be noted that the Federal Government would next year March resume full deductions of loans that were suspended in April 2020. These deductions would definitely reduce the allocations coming to the state from next year,” the statement added.

    The 16 local government areas meanwhile have received a total sum of N2.47 billion.

    According to the statement, that represents a reduction of N166.3 million when compared with the September allocation for the local government areas.

    The breakdowns of the local government areas’ allocations are N1.26 billion SRA (gross); N106.03 million as deductions for the court judgement on comprehensive PHCs across the 774 local governments (deductions are being challenged to be refunded); N727.7 million VAT; N142.32 million as Forex Equilibrium; N259.1 million (excess crude/FGN Intervention Fund); and N186.16 million as non-oil revenue.

     

     

     

     

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