FAAC: Kwara gets N3.7bn as allocation for May


The Kwara State government has received a total sum of N3.7bn for the month of May released by Federal Allocation Account Committee (FAAC), yesterday.

A statement by the Permanent Secretary, Ministry of Finance, Mr. Benjamin Fatigun on Wednesday evening revealed, that the State government got a total of N3,704,038,845.22 as allocation for May, as against the N3,358,957,097.84 it received in April.

A breakdown of the allocation figures shows that the State government got a statutory allocation of N2,865,455,259.29, Value Added Tax (VAT) of N835,956,268.57, and excess bank charges of N2,627,317.36, totaling N3,704,038,845.22.

Fatigun also announced that the 16 local government councils in the State received a total of N2,645,607,310.93 as allocation for May, which is higher than the N2,522,265,998.89 they got last month.

He disclosed that the councils’ allocation is made up of statutory allocation of N2,169,912,676.93, Value Added Tax (VAT) of N473,961,740.11   and excess bank charges of N473,961,740.11, making a total of N2,645,607,310.93.

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