ga('create', 'UA-82078971-1', 'auto'); ga('require', 'displayfeatures'); ga('require', 'linkid'); ga('set', 'forceSSL', true); ga('send', 'pageview');

Kwara November Allocation Drops by N131m

By Dipo Olowookere

The allocation received for the month of November decreased by N130.6 million, figures released by the state government on Friday have revealed.

Last month, the state got a total of N2.9 billion from the federal allocation against N3 billion it received for October.

A statement released yesterday by the Commissioner for Finance, Mr Demola Banu, disclosed that the November allocation was made up of statutory allocation of N1.9 billion, Value Added Tax (VAT) of N839.7 million, and excess bank charges of N5.9 million.

According to the Commissioner, the state government got additional inflow of N163.7 million, making a total of N2.9 billion.

Mr Banu further disclosed that the 16 local governments in the state got a total of N2.1 billion as allocation for the month of November, as against the N2.2 billion for October.

According to the figures released by the Finance Commissioner, the councils received a statutory allocation of N1.5 billion, Value Added Tax (VAT) of N476.6 million, excess bank charges of N3.9 million, and an additional inflow of N108 million, totalling N2.1 billion.

Mr Banu also explained that the release of the November allocation came late as a result of the delay by the Federal Ministry of Finance to hold the crucial Federal Allocation Accounts Committee (FAAC) meeting that precedes the release of funds to state and local governments.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

more recommended stories

%d bloggers like this: