Kwara state received a net sum of N3.2 billion as its month of February allocation from the Federal Government, Commissioner for Finance and Planning Floence Olasumbo Oyeyemi has said in a statement.
She added that 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 N3.2 billion 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 (two billion, four hundred and sixty one, five hundred and eighty three thousand, two hundred and eighty naira, twenty two kobo).
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
