Kwara Explains 11bn naira increase in 2021 Budget estimate

Kwara Explains 11bn naira increase in 2021 Budget estimate

In a statement release by Kwara state ministry of finance quoting the refunds of #795m PayE by the federal government, explain in relateable terms the financial receipts leading to the jerking up of the 2021 budget estimate from N123bn to roughly N135bn, representing an increment of about N11bn.

According to the statement, a review of the opening balance from N13.6bn to N19bn based on funds mopped up from across the MDAs; VAT from N14.6bn to N15.4bn; PAYE from N5.6bn to N5.8bn; administrative charges from N194.6m to N346.6m; Land Use charge from N124.8m to N174.8m; SFTAS capital receipt from N3.8bn to N6.1bn; and termed loan from N4bn to N6bn.

The statement also announced the receipt of N795,327, 222:21 as the third tranche of the 25% refund of unremitted PAYE from federal government’s MDAs domiciled in the state.

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