FAAC: Kwara Gets N3.4b for January

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The Kwara State Government is to receive a sum of N3,478,285,729.28 as allocation from the Federation Accounts Allocation Committee (FAAC) for January 2019. The amount represents a N603m drop from the December allocation to the state.

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This was made known by the State Commissioner for Finance, Alhaji Demola Banu, in a statement released in Ilorin on Saturday.

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Banu disclosed that the State Government’s allocation was made up of statutory allocation of N2,542,169,962.45, Value Added Tax (VAT) of N930,636,115.54 and exchange gain of N5,479,651.29

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According to Banu, the 16 Local Government Councils in the State are to receive N2,535,386,340.64 as allocation for January, representing a N312m reduction in the December allocation.

Giving a breakdown of the local government allocation figures, the Commissioner said the local councils got a statutory allocation of N2,004,121,164.77, VAT of N527,650,974.41, and exchange gain of N3,614,201.46

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