Date: 2016-08-27

Kwara State Government said its share from the Federation Accounts for August dropped by N702. 35 million, representing 29.1 per cent reduction from the amount it received in July.

The Commissioner for Finance in the state, Alhaji Ademola Banu, made this known in a statement on Friday in Ilorin.

According to him, the state government got a total of N2, 415, 287, 063.9 as allocation for August, against the N3, 117, 634, 155.58 it received in July.

Giving the breakdown of the allocation, Banu said that the state got statutory revenue allocation of N1, 178, 605, 835.37 and Value Added Tax (VAT) of N621, 470, 471.83 during the period.

He decried the situation, saying that the drop in the August allocation was lower than the average N3.4 billion the state received in the past. Banu disclosed that the state's monthly wage bill, including pensions and overheads was N2.4 billion.

He also said that total allocation from the Federation Account to the 16 local government areas in the state for August was N1.01 billion as statutory revenue and N352. 88 million as VAT.

Others, he said, were exchange difference of N400.09 million and excess bank charges of N5. 68million.

The commissioner said that August allocation to the local councils represented 26 per cent decrease from N2. 23 billion they received in July, adding that the figure dropped from about N2.7 billion often received.

He said that the figure was lower than what was needed by all the councils to meet their salary and pensions obligations.