Ondo Receives  N3.5bn June Federal Allocation

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By James Sowole in Akure
The Ondo State Government on Tuesday said a sum of  N3.574bn was allocated to it  from the Federation Account for the month of June.

The State’s Commissioner for Information, Mr Kayode Akinmade, gave the figure in Akure during a chat with journalists.

He said the disclosure of the figure was in fulfilment of government’s  promise made to the people of the state to always communicate to them details of  money accessed from the Federal Allocation as they occur.

Giving details of the state’s receipt from the Federation Account for the month of June, Akinmade  explained  that N1.37bn was received as the statutory net of the  payment, Oil derivation  is N 0.751bn, Value Added Tax (VAT) accounts for
N 0.699bn, exchange rate  gain is N 0.677bn  and N 0.077bn accounts for gains from  solid minerals.

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

The commissioner also disclosed  that N 2.4bn was received as the allocation for local governments in the state for the  same month of June.

Akinmade noted that the June allocation to the state was 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 stated  that details of the allocation to states is also available on Federal Ministry of Finance website  for perusal by the general public