Kwara State Government has received a total of N3,516,975,521.40 (three billion, five hundred and sixteen million, nine hundred and seventy five thousand, five hundred and twenty one naira, forty kobo) as net monthly allocation for the month of October.
The amount is minus N681,499,217:53 (six hundred and eighty one million, four hundred and ninety nine thousand, two hundred and seventeen naira, fifty three kobo) deductions made at source as monthly repayment of loans including the bailout funds (budget support) that the past administration received from the Federal Government. The monthly deductions started in September.
The monthly allocations included N3:333:607:862,59 statutory revenue allocation (SRA); N859, 606, 843,58 Value Added Tax (VAT); and N5,260,032,85 Exchange Gains, according to a statement on Friday by Permanent Secretary Ministry of Finance Benjamin Fatigun.
The statement said a total of N2,689,825,780,50 (two billion, six hundred and eighty nine million, eight hundred and twenty five thousand, seven hundred and eighty naira, fifty kobo) also came to the 16 local government areas of the state as allocation for the month.
The tally includes N2,198,740,352,73 SRA; N487,616,079,59 VAT; and N3,469,348,22 Exchange Gains.