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
BDC Operators Sell Dollar for N467 in Lagos, N467.50 in Abuja
By Adedapo Adesanya The Naira depreciated.
Crude Oil Gains Despite Demand, Supply Worries
By Adedapo Adesanya Crude oil prices.
NASD Investors Transact N14.2m Stocks in 16 Deals
By Adedapo Adesanya The NASD Over-the-Counter.
Waning Confidence Crashes Nigerian Stocks by 0.36%
By Dipo Olowookere It was an.
Lagos Grants 20% Tax Credit to COVID-19 Donors
By Dipo Olowookere The Lagos State.
CBN Expects Inflation to Trend Downward in Q4 2020
By Dipo Olowookere The Central Bank.
OPEC Basket Crude Trades at $43.38 Ahead of Meeting
By Adedapo Adesanya The price of.
BDC Operators Want Inclusion in Remittances Market
By Adedapo Adesanya The Association of.