FAAC: As Kwara Gets N3.3bn for March, 16 LGAs to share N2.4bn

FAAC: As Kwara Gets N3.3bn for March, 16 LGAs to share N2.4bn

By Alabidun Shuaib Abdulrahman

Kwara State Government said it has received a sum of N3,307,918,431,91 as allocation from the Federation Accounts Allocation Committee (FAAC) for the month of March, 2019.

The State Commissioner for Finance, Alhaji Demola Banu, made this known in a statement he released to newsmen in Ilorin on Thursday.

According to Banu, the State Government’s allocation was made up of statutory receipt of N2,135,323,050.74bn, Value Added Tax (VAT) of N901,610,816.11m, exchange gain of N4,725,434.41m, excess bank charges of N25,193,474.21m, and foreign exchange equalisation N241,065,656.44m.

He further explained that the 16 Local Government Councils in the State are to receive N2,425,638,638,39 as allocation for the month.

The Commissioner, however, clarified that the council’s allocation comprises statutory allocation of N1,735,851,170.04bn, VAT of N511,054,779.12m, exchange gain of N3,116,744.30m, excess bank charges of N16,616,803.97m and foreign exchange equalisation of N158,999,140.96m.