Kwara receives N3.5 billion as federal allocation

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Kwara State received a total of N3,516,975,521.40 as its federal allocation for the month of October, the News Agency of Nigeria (NAN) reports.

The Permanent Secretary in the state Ministry of Finance, Benjamin Fatigun, made this known in a statement issued on Friday in Ilorin, the state capital.

He said the allocation was short of N681,499,217.53, being deductions made from source as monthly loan repayment.
The permanent secretary said the loan repayments include the bailout funds which the last administration received from the federal government.

He added that the monthly deductions of the loans started in September.

Mr Fatigun said the figure 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.

The statement also put the total allocation to the 16 local government councils for the month at N2,689,825,780.50, comprising N2,198,740, 352.73 SRA; N487,616,079,59 VAT and N3,469,348.22 exchange gains.

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