Kwara January Allocation Drops by N195m

By Modupe Gbadeyanka

Kwara State government has released federal allocation figures for the month of January, 2017.

According to figures released on Friday by the Commissioner for Finance, Mr Demola Banu, the state government got a total of N1,882,645,016.4 as allocation for January, against the N2,077,949,539.66 it received in December.

The January allocation dropped by N195,304,523.26, representing a 9.4 percent reduction from the amount the government received last month.

Giving a breakdown of the allocation figures, the Commissioner disclosed that the state government got a statutory revenue allocation of N781,486,687.02; Value Added Tax (VAT) of N658,999,903.27; exchange gain difference of N207,525,922.98 and excess Petroleum Profit Tax (PPT) of N234,632,512.10 totalling N1,882,645,016.4.

Mr Banu also disclosed that the 16 local government councils in the state received a total of N1,425,131,334.6 as allocation for the month, against the N1,549,701,089.65 they got in December.

The January allocation for the local councils decreased by N124,569,755.05 and this reflects 8.04 percent reduction from the December allocation.

A breakdown of the allocation shows that the councils got a statutory allocation of N759,191,418.32; VAT of N374,306,456.82; exchange difference of N136,877,413.27 and excess Petroleum Profit Tax (PPT) of N154,756,046.20, which gives a total of N1,425,131,334.6.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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