FAAC: Kwara Govt Releases June, July Allocation Figures

The Kwara State Government has released its federal allocation figures for the months of June and July, 2018.

In a statement on Saturday, the State Commissioner for Finance, Alhaji Demola Banu disclosed that the State government received a total of N3, 647, 209, 363.97 as allocation for June.

A breakdown of the June allocation figures shows that the State government got a statutory allocation of N2, 775, 630, 308.40 and Value Added Tax (VAT) of N871, 579, 055.57.

For July, Banu said the state government got a total of N3, 736, 644, 795.48 as allocation for the month.

He revealed that the July allocation was made up of statutory allocation of N2, 890, 575, 029.68, Value Added Tax (VAT) of N800, 155, 369.71 and exchange difference of N45, 914, 396.09.

The Commissioner also disclosed that the 16 local government councils in the State received a total of N2, 604, 769, 806.48 as allocation for June.

According to him, the local councils got a statutory allocation of N2, 110, 667, 033.06 and Value Added Tax (VAT) of N494, 102, 773.42.

Banu added that the July allocation to the local councils stood at N2, 680, 279, 278.01.

The councils’ July allocation is made up of statutory allocation of N2, 196, 374, 385.08, Value Added Tax (VAT) of N453, 621, 236.42 and exchange difference of N30, 283, 656.57.

Banu clarified that the Federal Accounts Allocation Committee agreed at its meeting in Abuja on Friday to save N100 billion against future drops in allocation or other revenue fluctuations.