[Source] Kwara: March allocation to state, LGAs drops by N701m

The allocation to the two tiers of government in Kwara State has witnessed a decline of N701.77 million from N5.92bn in February to N5.18bn in March.

The figure obtained by THE INFORMANT247 shows the state government recieved a net total sum of N3,255,019,095:98 for the month of February.

The tally for February includes N2,286,737,054:07 (net) statutory revenue allocation (SRA); N958,364,447:96 value added tax (VAT); N5,783,677:33 (exchange gain); and N4,133,916:62 excess bank charges — totalling N3,255,019,095:98, according to the statement by Finance and Planning Commissioner Oyeyemi Olasumbo Florence.

The N3.2bn excludes the N610,762,826:72 deductions by the Federal government for various loans inherited by the administration.

However, details gathered by THE INFORMANT247 shows that an inflow of N2,929,931,667:42 was recieved for March. A fall of N427,313,082:88 as against February.

The breakdowns for March inlcudes; N1,911,097,577:32 (SRA); N543,944,377:44 (VAT); N3,814,727:24 (Exchange Gain); and N2,726,598:22 (Excess Bank Charges), according to the state.

Consequently, The entire Local Government Areas of Kwara allocation for March is put at N2,254,609,913:72 as against February’s N2,461,583,280:22

The breakdowns for February are; N1,911,097,577:32 (SRA); N543,944,377:44 (VAT); N3,814,727:24 (Exchange Gain); and N2,726,598:22 (Excess Bank Charges).

While the breakdowns for March includes; SRA: #1,687,735,561:41
VAT: #509,418,399:67
Exch. Gain: #2,752,711:86
FOREX Fund: #54,703,240:78