Kwara gets N2.9bn federal allocation for Nov.

Date: 2017-12-09

The Kwara State Government has released its federal allocation figures for the month of November, 2017 ROYAL NEWS has gathered.

In a statement issued on Friday, the State Commissioner for Finance, Alhaji Demola Banu disclosed that the State government got a total of N2,906,079,253.93 as allocation for November. This is against the N3, 036, 649, 965.12 the government received from the Federation Account in October.

Banu said that the November allocation was made up of statutory allocation of N1,896,744,964.30, Value Added Tax (VAT) of N839,708,020.67 and excess bank charges of N5,919,705.11. He added that the government got additional inflow of N163,706,563.85, making a total of N2,906,079,253.93.

The Commissioner further disclosed that the 16 local governments in the state got a total of N2,092,002,058.42 as allocation for the month of November, as against the N2, 184, 264, 352.98 they received in October.

According to the figures released by the Finance Commissioner, the councils received a statutory allocation of N1,503,498,425.26, Value Added Tax (VAT) of N476,623,610.72, excess bank charges of N3,904,446.79 and an additional inflow of N107,975,575.65, totaling N2,092,002,058.42.

Banu also explained that the release of the November allocation came late as a result of the delay by the Federal Ministry of Finance to hold the crucial Federal Allocation Accounts Committee (FAAC) meeting that precedes the release of funds to state and local governments.

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