FAAC ALLOCATION ACCRUE TO KOGI STATE FOR THE MONTH OF APRIL 2020 DROPPED BY 30%.

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..COVID -19 PANDEMIC LOCKDOWN DRASTICALLY REDUCED THE ALLOCATION FOR THE MONTH COMPARED TO MARCH

The Federal Account Allocation Committee (FAAC) held her April meeting today, leveraging on the strenght of ICT,using the Zoom application for virtual engagement.

Sequel to the outbreak of the ravaging pandemic code name Covid-19 which has caused Economic instability, world order distortion and limitation to physical meetings,the necessary activities that keeps governance rolling did not stop as technology and will power of our leaders to deliver came to the rescue.

The Hon commissioner of Finance, Budget and Economic planning, Kogi state; Mukadam Asiwaju Asiru Idris, FCA attended the virtual meeting with his colleague commissioners. As an administration committed to the spirit of transparency and accountability, here is the details of allocation from the Federation Account for the month of April 2020 for both state Government and the local Government councils.

The state net statutory allocation for the month of April is N1,736,231,350.68 The value added tax( VAT) and exchange gain for the month of April is N938,018,569.93 and N186,683,266.69 respectively. Therefore ,the state gross statutory revenue income for the month of April is N2,860,933,186.62 compared to N4,078,691,569.91 for the month of March.

The 21 local government areas in Kogi state received a net statutory allocation of N1,517,706,851.32 The value added tax (VAT) and Exchange gains for the month of April is N642,963,989.13 and N140,146,959.74 respectively. Hence, the local Government areas gross statutory revenue is N2,300,817,800.19

The above figures summarise the receipt for the month of April for both state and LGA’S.
From the above summary,it’s obvious the allocation acrue to the state is in gross deficit ,therefore, the state finances cum responsibility to her citizens will be badly affected. But as a responsible and responsive government,
services will still be rendered within the circumstances at hand.
In another development and first of its kind, the Accountant General of the Federation credited state accounts at the end of the FAAC meeting this evening.

*Signed;*

*Mukadam Asiwaju Asiru Idris, FCA*
Hon commissioner of finance, Budget and Economic planning,Kogi state.




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