NEWS DIGEST – The Federal Accounts Allocation Committee (FAAC), which distributes monthly allocation to the three tiers of government, is to release the sum of N3,295,247,595.34 to the Kwara State Government for the month of February.
The State Commissioner for Finance, Alhaji Demola Banu announced this in a statement issued in Ilorin, the state capital on Wednesday.
Providing a breakdown of the figure, Alhaji Banu said it comprises statutory allocation of N2,275,243,896.88, Value Added Tax (VAT) of N965,405,566.10, Exchange Gain of N3,649,482.57 and Excess Bank Charges of N50,948649.79.
On their part, the 16 Local Government Councils in the state are to share the sum of N2,411,499,829.81 as monthly allocation. According to Banu, the LG receipt comprises statutory allocation of N1,828,065,331.04, VAT of N547,423,329.57, exchange gain of N2,407,081,13 and excess bank charges amounting to N33,604,088.07.