*As FG begins deduction of bailouts to states
By Steve Oni,
Ilorin A total of N3,499,479,078:81 (three billion, four hundred and ninety nine million, four hundred and seventy nine thousand, seventy naira and eighty one kobo) was received as federal allocation to Kwara State for the month of September, an official said on Wednesday.
The figures came from the Federation Accounts Allocation Committee (FAAC) meeting held in the capital Abuja on 19th September, 2019. Benjamin Fatigun, the Permanent Secretary in the State’s Finance Ministry, said in a statement that the breakdown of the allocation included N2,671,456,690:77 Statutory Revenue Allocation (SRA); N822,283,102.94 Value Added Tax (VAT); and N5,739,285.10 Exchange Gains. The Federal Government has started the deduction of budget support fund —
popularly called Bailout Fund — given to the 36 states in the heat of the economic recession that hit Nigeria in 2016. A total of N225m was deducted at source from the September allocation to the Kwara State Government, Fatigun added. The statement also put the total allocation to the 16 local government areas at N2,730,076,440.90 for the month, comprising N2,259,518.93 SRA; N466,855,474.41 VAT; and 3,785,447.56 exchange gains. Governor AbdulRahman AbdulRazaq, meanwhile, has directed immediate payment of salary, pensions and gratuities for the month.
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