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
Proshare Introduces Dangote Index, Elumelu Index
By Modupe Gbadeyanka One of the.
Stock Market Outlook for This Week
By Modupe Gbadeyanka The equity market.
N46.25bn Treasury Bills Mature This Week
By Dipo Olowookere On Thursday, treasury.
Naira Gains 0.01% at I&E, Loses 0.13% at Interbank
By Dipo Olowookere The performance of.
Guinea Insurance Seeks More Time to File FY 2018, Q1 2019 Results
By Dipo Olowookere The management of.
FarmCrowdy, Livestock247 Partner to Boost Trading
A partnership aimed to deepen the.
Why You Should Consider Investing in Eurobond Funds
By United Capital Research Last week,.
Zedcrest Capital’s Amzat, Others to Speak at Lagos FINTECH Week
Group Managing Director of Zedcrest Capital.