Kwara receives N21bn as recurrent revenue in Q1 2021

Kwara receives N21bn as recurrent revenue in Q1 2021 – The Informant247

By: Sulaiman Oladimeji

The Kwara State Government earned the sum of N21,074,551,412 as revenue from Statutory Allocation, VAT, and other sundry from FAAC, LG loan repayment, and IGR. This figure posited a 79% performance in Q1 as against the quarterly target of N26bn.

An official record released by the government showed an opening balance of N19bn, with a quarterly appropriation of N4.750bn. Though, the records revealed that the amount for Q1 was not utilised.

 Expenditure side

Recurrent expenditure shows a total of N13.523bn being the actual amount expended. This comprises Personnel cost ( N3.306bn), Overhead Cost (N6.556bn),  Pension and Gratuities (N2.375bn), Office Holders Salary (N42million), Debt Servicing (N932million) among others.

Capital Expenditure recorded outflows of N4.450Billion in the Q1.

The sectoral performance showed the Economic affairs with the major beneficiary of N1.786bn (40%), Health, N1.345bn(30%), Education, N703million(15.8%)

Both CAPEX and Recurrent Expenditure recorded 52% and 77% respectively.

Further research revealed that the state domestic debt profile remains at N63bn as of Q1,2021. Consequently, negate the controversial N35bn bond proposed by the state as at the time of filing this report.

 Expenditure Pattern

This shows, that the state exhibit a favourable Recurrent to Capital of 77% to 52% pattern. Overhead took the larger share of the spending.