• Wednesday, June 12, 2024
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Kwara, LGs get N5.3bn federal allocation for March

Abdulrazaq proposes N296.4bn for 2024

Kwara State government and its 16 local government areas have received a combined federal allocation of N5.3 billion for the month of March.

A breakdown of the figure shows that the state government got N2,886,631,784.67k while the 16 local councils received N2,546,039,717.27k.

According to a statement by Babatunde Toyin Abdulrasheed, the press secretary, the state ministry of finance and made available to journalists, the allocation comprises statutory revenue allocation SRA (gross) of N1,967,500,363.58k; deductions (loans) of N1,268,042,679.71k; SRA (net) of N699,457,683.87k; Value Added Tax (VAT) of N1,665,520,784.67k; Excess Bank charges of N33,391,774.95k and non-oil revenue of N488,261,483.95k.

“March allocation figure is higher by N291,079,653.10k when compared with last month, but still represents a worrisome downward trend in revenue,” it stated.

Read also: 2023: Kwara APC set to reconcile aggrieved members

The statement added that the 16 local government areas received a total sum of N2,546,039,717.27k (net) as federal allocation for the month of March.

It noted that the figures comprise SRA (Gross) N1,297,699,856.05k; Deductions N37,797,083.19k; SRA (Net) N1,259,902,772.86k and VAT N943, 514,314,.35; Excess Bank charges of N21,302,611.76k and non-oil revenue of N321,320,018.30k.

The statement added that the figure is higher by N182,075,917.36k when compared with last month allocation, even though it means the LGAs will need extra funds to pay 100 percent salary.