FAAC: Kwara Gets N3.3b for March as LGs Receive N2.4b
Written by Uthy on March 29, 2019
The Kwara State Government is to receive a sum of N3,307,918,431,91 as allocation from the Federation Accounts Allocation Committee (FAAC) March 2019.
The State Commissioner for Finance, Alhaji Demola Banu, made this known in a statement released in Ilorin on Thursday.
Banu disclosed that the State Government’s allocation was made up of statutory receipt of N2,135,323,050.74, Value Added Tax (VAT) of N901,610,816.11exchange gain of N4,725,434.41, excess bank charges of N25,193,474.21, and foreign exchange equalisation N241,065,656.44.
Explaining further, Banu said the 16 Local Government Councils in the State are to receive N2,425,638,638,39 as allocation for March. According to the Commissioner, the council’s allocation comprises statutory allocation of N1,735,851,170.04, VAT of N511,054,779.12, exchange gain of N3,116,744.30, excess bank charges of N16,616,803.97 and foreign exchange equalisation of N158,999,140.96.