Kwara Gets N2.5b as February Allocation

By Dipo Olowookere

The sum N2.5 billion was received as February allocation by the Kwara State government from the Federation Account against the N1.9 billion it got in January.

According to the Commissioner for Finance, Mr Demola Banu, the state government got a statutory revenue allocation of N1.2 billion, Value Added Tax (VAT) of N697 million, exchange gain difference of N269 million and excess Petroleum Profit Tax (PPT) of N332 million, totalling N2.5 billion.

Mr Banu further disclosed that the 16 local government councils in the state got a total of N1.8 billion as allocation for February, against the N1.4 billion they received last month.

Giving a breakdown of the allocation, LGs received a statutory allocation of N1.1 billion, Value Added Tax (VAT) of N395.6 million, exchange gain difference of N177.4 million and excess Petroleum Profit Tax of N219 million, giving a total of N1.8 billion.