CBN FX Policy Failure Has Made Naira Useless—ABCON

By Modupe Gbadeyanka

The sum of N5.5 billion was disbursed to the Kwara State government and the 16 local government councils of the state as their share of the federal allocation for March 2022.

A statement issued by the Press Secretary in the Ministry of Finance, Mr Babatunde Toyin Abdulrasheed, disclosed that from the money, the state government got N2.9 billion, while the councils were given N2.6 billion.

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

It was disclosed that the allocation comprised statutory revenue allocation SRA (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 higher by N291,079,653.10 when compared with the allocation for February.

As for the 16 local government areas, they shared 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.

When compared with last month’s allocation, it was higher by N182,075,917.36.