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FAAC: Kwara Releases August Allocation Figures

Kwara State Government has received N3.8billion as allocation from the Federation Accounts Allocation Committee, FAAC, for the month August, 2018.

The State Commissioner for Finance, Alhaji Demola Banu disclosed this in a statement released in Ilorin on Wednesday.

The statement revealed that the State government got a total of N3,836,004,230.72 as allocation for September as against N3,720,913,343.47 it received in August.

Banu disclosed that the State government’s allocation was made up of statutory allocation of N2,776,565,624.87, Value Added Tax of N1,058,544,238.44 and exchange gain of N894,367.41.

Also, he disclosed that the 16 local government councils in the State received a total of N2,759,659,396.93 as allocation for August. This was against the N2,671,560,399.0 they collected in July.

A breakdown of the allocation figures showed that the councils got a statutory allocation of N2,158,720,992.55, Value Added Tax of N600,348,508.45 and exchange gain of N589,895.93.