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.
ROYAL NEWS reports that the amount represents a N603m drop from the December allocation to the state.
This was made known by the State Commissioner for Finance, Alhaji Demola Banu, in a statement released in Ilorin on Saturday.
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
exchange gain of N5,479,651.29
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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