FAAC: Kwara state gets N3.4bn for January

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 which represents a N603m drop from the December 2018 allocation to the state.

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

Alhaji 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

According to him, 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

Source: Voice of Nigeria