Kwara gets N3.5bn allocation for October

Posted by News Express | 19 October 2019 | 1,253 times

Kwara State Government has received a total of N3,516,975,521.40 as net monthly allocation for the month of October.

“The amount is minus N681,499,217.53 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,” according to the Permanent Secretary, Kwara State Ministry of Finance, Benjamin Fatigun.

He said Friday in a statement that 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 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,” Fatigun said.

Source: News Express