FAAC: Kwara Releases October Allocation Figures

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Kwara State Government is to receive N3.4 billion as allocation from the Federation Accounts Allocation Committee, FAAC, for the month October.

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

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, 639, 202, 094.19, Value Added Tax of N735,699,362.29, exchange gain of N1,516,878.68, and Excess Bank Charges of N27,615,272.17

Also, he disclosed that the 16 local government councils in the State received a total of N2,504,576,236.69 as allocation for October.

A breakdown of the allocation figures showed that the councils got a statutory allocation of N2,068, 120, 432.93, Value Added Tax of N417,241,175.57 and exchange gain of N1,000,484.31 and excess bank charges of N18,214,143.88

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