Ondo Gets N3.5 Billion June Federal Allocation

Ondo Gets N3.5 Billion June Federal Allocation

By Bayo Adegbite | Staff Writer on July 26, 2016
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Governor Olusegun Mimiko of Ondo State

The Ondo State government has announced that N3.574 billion was allocated to it from the Federation account for the month of June.

The state’s Commissioner for Information, Mr. Kayode Akinmade announced this in Akure on Tuesday, July 26, 2016.

Speaking with newsmen in his office, the commissioner said the announcement is in fulfilment of government promise to the people of the state to always communicate to them details of money accessed from the Federal allocation as such occur.

Giving details of the state’s benefit from the federation account for the month of June, Akinmade explained that N1.37b accounts for the statutory net of the payment Oil derivation is N 0.751, Value Added Tax (VAT) accounts for N 0.699, Exchange rate gain is N 0.677 and N 0.077 accounts for gains from Solid mineral.

He explained that with 40% of the N 0.751 from Derivation going to OSOPADEC and the Irreversible Standing Payment order ( ISPO) of N300m removed, the state is left with N2.85b.

He mentioned also that N2.4b was received as the allocation for Local governments in the state for the same month of June.

According to the Commissioner, the June allocation to the state is an improvement on what was received in May, adding that nothing has been said by the Federal government on the anticipated budget support promised to states.

He mentioned that details of the allocation to states is also available on Federal Ministry of Finance website for perusal by the general public.



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