· LGAs’ receipts down to N2.4bn
Kwara State Government has received a total sum of N3,779,894,487:72 as Federal allocations for the month of October, a statement by the state’s Finance and Planning Commissioner Florence Olasumbo Oyeyemi said on Friday.
The allocations comprise N1,918,477,820:05 statutory revenue allocation (gross); N310,656,652:68 (deductions); N1,281,148,490:09 value added tax (VAT); N215,776,380:71 Forex Equil; N392,895,753:25 Excess Crude (FGN Intervention Fund); and N282,252,696:30 non-oil revenue.
The figure is less by N264,413,806:72 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 N2,474,649,328:34.
That represents a reduction of N166,303,461:04 when compared with the September allocation for the local government areas.
The breakdowns of the local government areas’ allocations are N1,265,366,165:62 SRA (gross); N106,033,334:56 as deductions for the court judgement on comprehensive PHCs across the 774 local governments (deductions are being challenged to be refunded); N727,691,180:72 VAT; N142,319,149:40 as Forex Equilibrium; N259,141,381:56 (excess crude/FGN Intervention Fund); and N186,164,785:60 as non-oil revenue.