Kwara gets N3.2bn for February 2020

Posted by News Express | 1 March 2020 | 635 times

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•Kwara Finance and Planning Commissioner Oyeyemi Olasumbo Florence

Kwara State received a net total sum of N3,255,019,095:98  from the Federation Account for the month of February 2020, a statement said at the weekend.

The tally 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.

For the month, the State Government spent N2,368,021,322.69 on salary, pension and gratuities; and N302,926, 219.91 on running costs across the Ministries, Departments and Agencies (MDAs) – totalling N2,670,947,542.6.

The statement also put the total February allocation for the entire local government areas of Kwara at N2,461,583,280:22.

The breakdowns 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), according to the state.

While the entire local government areas got a total net allocation of N2,461,583,280:22, they spent N2,610,550,422.13 on salaries and other workers' obligations for the month, with the shortfall of N148,967,141.91 (or 6.05%) sourced from their entire  IGR (N94,544,870.07) and another N54,422,271.84 from their reserve.




Source: News Express

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