The monthly meeting of the Federation Account Allocation Committee (FAAC) was held in February to review and approve the allocation of funds to the three tiers of government.
Representing Kogi State at the meeting was the Honourable Commissioner of Finance, Budget, and Economic Planning, Mukadam Asiwaju Asiru Idris, FCA.
The details of the allocation from the federation account for February 2024 for both the state and local government are outlined below.
The net statutory allocation for the state in February was N1,072,602,477.91. The Value Added Tax (VAT) and exchange gain difference for the month were N4,282,720,815.70 and N1,860,741,620.20, respectively. Additionally, there was a refund on electronic money transfer amounting to N184,755,397.63. Therefore, the state’s gross statutory revenue income for February was N7,400,840,311.44.
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In a statement issued by the Kogi State Commissioner for Finance, Budget, and Economic Planning, Honourable Asiwaju Idris Asiru, FCA, the 21 local government areas of Kogi State received a net statutory allocation of N2,335,532,610.36 in February. The VAT and exchange gain difference for the local government areas were N2,834,000,000 and N1,393,767,206.82, respectively. Additionally, there was a refund on electronic money transfer amounting to N126,404,933.74. Therefore, the local government areas’ gross statutory revenue for February was N6,689,704,750.92.
Asiru emphasized that the detailed information provided aligns with Governor Ahmed Usman Ododo’s leadership style and commitment to integrity, transparency, and accountability in the utilization of state resources.
