Constituent policy

CBN FX Policy Failure Rendered Naira Useless—ABCON

By Modupe Gbadeyanka

The sum of N5.5 billion has been disbursed to the Kwara State Government and the 16 Local Government Councils in the state as part of the Federal Allocation for March 2022.

A statement issued by the Press Secretary of the Ministry of Finance, Mr. Babatunde Toyin Abdulrasheed, revealed that out of this money, the state government got 2.9 billion naira, while the councils got 2.6 billion. billion naira.

The Kwara State Government has received a total inflow of N2,886,631,784.67 as Federal allocation for the month of March, the statement said.

The allowance was revealed to include an SRA Statutory Earnings Allowance (gross) of N1,967,500,363.58; deductions (loans) of N1,268,042,679.71; SRA (Net) of N699,457,683.87; Value Added Tax (VAT) of N1,665,520,784.67; Excess bank charges of N33,391,774.95 and non-oil revenue of N488,261,483.95.

The ministry said what was received this month was N291,079,653.10 higher than the February allocation.

As for the 16 local government areas, they were shared between N2,546,039,717.27 (net), comprising SRA (gross) of N1,297,699,856.05; Deductions N37,797,083.19; SRA (net) N1,259,902,772.86; VAT N943,514,314,.35; Excess bank charges of N21,302,611.76 and non-oil revenue of N321,320,018.30.

Compared to last month’s allocation, it was higher by N182,075,917.36.