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.
more recommended stories
Allianz Nigeria to Expand Operations to Cement, Construction
By Dipo Olowookere Shareholders of Allianz.
Oando in Fresh Trouble
**Over Supply of Iranian Oil By.
Oil Prices Rise as Iran Seizes British Oil Tanker
By Adedapo Adesanya Crude oil prices.
Naira Slightly Gains Against USD at I&E Window
By Adedapo Adesanya At the end.
One-Month Treasury Yield Falls to 8.99%
By Dipo Olowookere The secondary market.
Nigeria’s Eurobonds Debt Rises to $10.9bn from $1.5bn in 2015
By Adedapo Adesanya Nigeria’s external debt.
LCCI to CBN: Cash Reserve Ratio of 22.5% too High
By Adedapo Adesanya The Lagos Chamber.
Nigerian Stocks Regain Freedom After 7-Day Hostage, up 0.20%
By Dipo Olowookere After being in.