Funding for state and local governments has been impacted positively by the elimination of the fuel subsidy. The Federation Account Allocation Committee (FAAC) received a net amount of ₦14,090,545,062.36 for the month of February 2024, which the Kogi State Government has verified.
At the state’s monthly FAAC meeting, Asiru Idris, the State Commissioner for Finance, Budget, and Economic Planning, verified the net allocation on behalf of the state.
BREAKDOWN: STATE GOVERNMENT
Net statutory allocation = N1,072,602,477.91.
The value added tax (VAT) = N4,282,720,815.70,
Exchange gain difference = N1,860,741,620.20.
Refund on electronic money transfer = N184,755,397.63.
Total (Gross Revenue) = N7,400,840,311.44
21 LOCAL GOVERNMENT:
Net Statutory Allocation = N2,335,532,610.36.
The value added tax (VAT) = N2,834,000,000
Exchange gain difference = N1,393,767,206.82, while the
Refund on electronic money transfer = N126,404,933.74.
Total (Gross Revenue) = 6,689,704,750.92
Governor Ahmed Usman Ododo promised, as communicated by the Commissioner, to maintain responsibility, integrity, and openness in the use of public resources.
For him, the allocation’s release was “a solid proof that he’s a leader who keeps his word as regards transparency and diligence in service.”
