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Kwara State receives N3.7 billion as October allocation

Kwara State received a total of N3,779,894,487.72 as its federal allocation for the month of October.

The state commissioner for Finance and Planning, Oyeyemi Olasumbo Florence, made this known in a statement issued on Friday in Ilorin, the state capital.

She said the tally includes 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.

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“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,” her statement added.

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She also put the total February allocation for the entire local government areas of Kwara at N2,474,649,328.34.

She added that the breakdowns for the Councils’ 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.

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