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Kwara Gets N2.1b, LGs N1.5b as December Allocation

By Modupe Gbadeyanka

Kwara State government has received a total of N2.08 billion as allocation from the federation account for the month of December 2016.

Commissioner for Finance in the state, Mr Demola Banu, who disclosed this in a statement on Friday, noted that the December allocation declined by N155.5 million representing a 6.96 percent reduction from the N2.2 billion received last month.

Giving a further breakdown, Mr Banu said that the state government got a statutory allocation of N796 million; VAT of N704.5 million; exchange difference of N217.2 million and excess Petroleum Profit Tax (PPT) of N360.2 million totalling N2.1 billion.

Also, the Commissioner disclosed that the 16 local government councils in the state received a total of N1.5 billion as against the N1.7 they received in November.

The December allocation for the local councils dropped by N113.5 million, which reflects 6.81 percent decrease from the November allocation.

According to the figures released by Mr Banu, the local councils got a statutory allocation of N768.8 million; VAT of N400 million; exchange difference of N143 million and excess Petroleum Profit Tax (PPT) of N237.4 million, which gives a total of N1.5 billion.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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