FAAC: Kwara State receives N3.7bn as October allocation

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The Kwara State government has received the sum of N3,779,894,487:72 as federal allocation for the month of October, The Ravens has gathered.

This revelation was contained in a release issued on Friday by Commissioner for Finance and Planning, Mrs Florence Olasumbo Oyeyemi.

The release said, “The allocations comprise N1,918,477,820:05 statutory revenue allocation (gross); N310,656,652:68 (deductions); N1,281,148,490:09 value added tax (VAT); N215,776,380:71 Forex Equil; N392,895,753:25 Excess Crude (FGN Intervention Fund); and N282,252,696:30 non-oil revenue.

“The figure is less by N264,413,806:72 when compared with September allocation.”

Oyeyemi also hinted that the Federal Government would by next year March resume full deductions of loans that were suspended in April 2020.

“These deductions would definitely reduce the allocations coming to the state from next year,” she noted.

Meanwhile, the 16 local government areas of the state have received a total sum of N2,474,649,328:34, representing a reduction of N166,303,461:04 when compared with the September allocation for the local government areas.

“The breakdowns of the local government areas’ allocations are N1,265,366,165:62 SRA (gross);  N106,033,334:56 as deductions for the court judgement on comprehensive PHCs across the 774 local governments (deductions are being challenged to be refunded); N727,691,180:72 VAT; N142,319,149:40 as Forex Equilibrium; N259,141,381:56 (excess crude/FGN Intervention Fund); and N186,164,785:60 as non-oil revenue,” according to the statement.

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