Date: 2016-10-22

The Kwara State government says it got a total of N2, 249, 897, 424.21 as allocation from the federation account for the month of October, 2016.

The State Commissioner for Finance, Alhaji Demola Banu, who disclosed this in a statement on Thursday, said the October allocation dropped by N525, 482, 347.85 representing 18.93 per cent reduction from the N2, 775, 379, 772.06 received in September.

Giving a further breakdown, Alhaji Banu said that the State government got a statutory allocation of N1, 063, 391, 064.68; VAT of N608, 299, 172.27; Exchange Difference of N232, 315, 908.61 and excess Petroleum Profit Tax of N345, 891, 278.65 totaling N2, 249, 897, 424.21.

While giving details of the federal allocation received by the 16 local government councils in the State, the Finance Commissioner disclosed that the LGs got a total of N1, 732, 002, 167.51 as against the N2, 009, 635, 529.23 they received last month.

The October federal allocation for the local councils reduced by N277, 633, 361.72, which reflects a 13.81 per cent decrease from the September allocation. According to the figures released by the Commissioner, the LGs got a statutory allocation of N945, 126, 470.10; VAT of N345, 508, 863.85; Exchange Difference of N153, 228, 089.18 and excess Petroleum Profit Tax of N288, 138, 744.38.