FAAC: Kwara releases August allocation figures
Written by Uthy on August 31, 2018
The Kwara State Government has released its Federal Allocation figures for the month of August, 2018.
A statement by the State Commissioner for Finance, Alhaji Demola Banu, on Thursday evening revealed that the State government got a total of N3,720,913,343.47 as allocation for August, as against N3,736,644,795.48 it received in July.
Banu disclosed that the State government’s allocation was made up of statutory allocation of N2,779,498,608.10, Value Added Tax (VAT) of N739,360,558.03, exchange gain of N136,571,551.80 and N65,482,625.54 as its share of the Nigerian National Petroleum Corporation (NNPC) monthly remittances to the Federation Account.
The Commissioner also disclosed that the 16 local government councils in the State received a total of N2,671,560,399.0 as allocation for August. This is against the N2,680,279,278.01 they collected last month.
A breakdown of the allocation figures showed that the councils got a statutory allocation of N2,118,946,807.61, Value Added Tax (VAT) of N419,345,165.27, exchange gain of N90,078,195.86 and N43,190,230.26 as their share of the NNPC remittances.