Ekiti State Allocation from the Federation Account For May 2016

1. Statutory Allocation  - N1,210,511,781.51

2. VAT                              - N626,846,172.58

3. Recovered Excess Bank Charges - N9,989,368.69

4. Exchange Rate Gains - N13,572,036.54

TOTAL ALLOCATION - N1, 860,919,359.32

DEDUCTIONS

1. Foreign Loan N30,217,966,49

2. Contractual Obligation (ISPO) N397,196,808.00

3. Commercial Agric Credit Scheme N23,120,001.44

4. Bond Issuance  - N102,458,000.01

5. NUWSR (Water Project) - N41,112,500.00

6. FG Salary Bailout - N86,405,567.03 (Not deducted)

7. Excess Crude Loan - N179,945,191.18 (Not deducted)

8. Commercial Bank Loan - N248,153,651.78 (Not deducted)

TOTAL DEDUCTION - N594, 105,275.94

NET ALLOCATION - N1, 266,814,083.38

Note: 

1. Total sum of N514, 504,409.99 (Federal Government Salary Bailout, Excess Crude Loan and Commercial Bank Loan) was not deducted from the May allocation as part of Federal Government assistance for the States. Total deduction ought to have been N1, 108,609,685.93 and this would have left the State with N752, 309,673.39. 

2. The Bailout Fund was taken to pay August and September, 2014 salary of workers (including political appointees) and May, June and July 2014 Cooperative and Unions Deductions that the APC govt of Dr Kayode Fayemi did not pay.

3. If Ekiti State was not plunged into debt by the APC Government of Dr Kayode Fayemi and no deduction was made from the allocation, the State would have received N1, 860,919,359.32 for the month of May, 2016!

4. Anyone or group with contrary information should supply it to the public.