Kwara gets N3.5bn federal allocation for January

Kwara Government has received a total inflow of N3,576,113,211:84 (net) as federal allocation for the month of January.

Mr Daibu Abubakar, the Press Secretary, Ministry of Finance and Planning, disclosed this in a statement issued on Saturday in Ilorin.

He said the allocation comprised of statutory revenue allocation SRA (Gross) of N2,255,681,423:03, deductions (loans) of N311,433,452:27; Value Added Tax (VAT) of N1,573,032,994:62; Exchange Gain Difference of N21,194,766:68; and Forex Equalisation fund of N37,637,479.78.

He added that the figure was higher by N171, 429,665:67 when compared with December, while N776, 799:59 was deducted at source as the first tranche of payment of FAAC Disbursement Software.

He said further that the 16 local government areas also received a total sum of N2, 310,296,927:17 (net) as federal allocation for the month.

“The figures comprise SRA (Gross) 1,487,774,799:00; Deductions N106,965,494:08; SRA (Net) N1,380,809,304:92; VAT 890,683,767:79; Exchange Gain Difference N13,979,385:31; and Forex Equalization fund N24,824,469:15.

“The figure is higher by N95, 263,882:26 when compared with last month, while N932, 159:52 was also deducted at source in Abuja for payment of FAAC Disbursement Software from the LGAs’ allocation,” Abubakar said.