By Mosunmola Ayobami, Kwara
Kwara State Government has received a total of N3.5 billion as net monthly allocation for the month of October.
The amount is minus N681.49million deductions made at source as monthly repayment of loans including the bailout funds (budget support) that the past administration received from the federal government. The monthly deductions started in September.
The monthly allocations included N3.33billion statutory revenue allocation (SRA); N859.6million Value Added Tax (VAT); and N5.26million exchange gains.
This was contained in a statement made available to WESTERN POST on Friday by Permanent Secretary Ministry of Finance Benjamin Fatigun.
The statement said a total of N2.69 billion also came to the 16 local government areas of the state as allocation for the month.
The tally includes N2.19billion SRA; N487.6 million VAT; and N3.46million exchange gains.