KWSG RELEASES AUGUST ALLOCATION FIGURES
The Kwara State government has released federal allocation figures for the month of August, 2016.
According to figures released on Friday by the Commissioner for Finance, Alhaji Demola Banu, the State government got a total of N2, 415, 287, 063.9 as allocation for August, against the N3, 117, 634, 155.58 received in July.
The August federal allocation dropped by N702, 347, 091.68, reflecting a 29.1 percent reduction from the amount the government received last month.
Giving a breakdown of the allocation, Alhaji Banu disclosed that the State government got a statutory revenue allocation of N1, 178, 605, 835.37; Value Added Tax (VAT) of N621, 470, 471.83; exchange gain difference of N606, 597, 553.77 and excess bank charges of N8, 613, 202.96, totaling N2, 415, 287, 063.9.
He lamented the drop in the August allocation saying that it is lower than the average N3.4billion the state government used to receive in the past. Banu also noted that the government spends about N2.4billion on monthly workers’ salaries, pensions and overheads alone.
The Commissioner also gave details of the allocation received by the 16 local councils in the State for the month of August to include statutory revenue allocation of N1, 014, 706, 902.57; VAT of N352, 876, 481.73; exchange difference of N400, 092, 205.09 and excess bank charges of N5, 680, 991.19, totaling N1, 773, 356, 580.6.
According to these figures, the August allocation for the local councils represents a 26 per cent decrease from the N2, 233, 730, 999.61 received in July.
Alhaji Banu stated that this month’s allocation for local councils is lower than the amount required for them to meet their monthly salary and pension obligations, while noting that the councils used to receive up to N2.7billion in monthly allocation.