LGs’ allocation slips to N2.2bn

Kwara State Government has received a total sum of N3,415,372,533:31 as federal allocation for the month of November, a statement by the state’s Finance and Planning Commissioner Florence Olasumbo Oyeyemi said.

News Hub Mag! reports that the figure is N364,521,954:41 less than the allocation for October which was N3.7bn. The drop is the second time in the last two months.

The breakdown of the November allocation for the state includes statutory revenue allocation (SRA) of N1,793,570,467:35 (net); value added tax (VAT) of N1,182,283,927:63; Forex Equilibrium of N40,341,748:68; excess crude of N392,895,753:25; excess bank charges of N6,280,636:40; and (part loan) deductions of N310,656,652:68.

The drop also affected allocation to the 16 local government areas of the state as they got a total of N2,245,856,487:93. That is N228,792,840:41 less than the allocation for October which stood at N2.4bn.

Allocations to the local government areas have also dropped for two consecutive months, which led to the LGAs augmenting their November allocation with N194m from their savings of N435m to be able to pay full salary and some other obligations.

The breakdowns of the LGAs’ allocation for November are SRA of N1,281,847,085:34 (net); VAT N674,117,397:79; Forex Equil N26,608,117:80; Excess Crude N259,141,381:56; Excess Bank Charges N4,142,505:44; and (FG) deductions N106,033,334:56.

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