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FAAC: Kwara Govt. Records N400m Reduction For October



The Kwara Government has received N3.4 billion as allocation from the Federation Accounts Allocation Committee (FAAC), for the month of October as against N3.8 billion received in September.

The State Commissioner for Finance, Alhaji Demola Banu disclosed this in a statement released in Ilorin on Friday.

The News Agency of Nigeria (NAN) reports that the amount received in October means the state recorded a reduction of N400 million.

The statement revealed that the State government got a total of N3,404,033,607.33 as allocation for October.

Banu disclosed that the State government’s allocation was made up of statutory allocation of N2.6billion, Value Added Tax of N735million, exchange gain of N1.5million and Excess Bank Charges of N27million.

He also disclosed that the 16 local governments in the State received a total of N2.5billion as allocation for October.

A breakdown of the allocation figures showed that the councils got a statutory allocation of N2 billion Value Added Tax of N417million and exchange gain of N1million and excess bank charges of N18million.




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