FAAC: As Kwara Gets
FAAC: As Kwara Gets N3.3bn for March, 16 LGAs to share
N2.4bn
By Alabidun Shuaib Abdulrahman
Kwara State Government said it has received a sum of
N3,307,918,431,91 as allocation from the Federation Accounts
Allocation Committee (FAAC) for the month of March, 2019.
The State Commissioner for Finance, Alhaji Demola Banu, made
this known in a statement he released to newsmen in Ilorin on
Thursday.
According to Banu, the State Government’s allocation was made up
of statutory receipt of N2,135,323,050.74bn, Value Added Tax (VAT)
of N901,610,816.11m, exchange gain of N4,725,434.41m, excess bank
charges of N25,193,474.21m, and foreign exchange equalisation
N241,065,656.44m.
He further explained that the 16 Local Government Councils in
the State are to receive N2,425,638,638,39 as allocation for the
month.
The Commissioner, however, clarified that the council’s
allocation comprises statutory allocation of N1,735,851,170.04bn,
VAT of N511,054,779.12m, exchange gain of N3,116,744.30m, excess
bank charges of N16,616,803.97m and foreign exchange equalisation
of N158,999,140.96m.