Kwara receives N2.8bn from FAAC

Governor Abdulfatah Ahmed of Kwara State

Kwara State Government on Wednesday said it received about N2.8 billion as its share of August allocation from the Federation Account.

This is contained in a statement issued in Ilorin by the Commissioner for Finance, Alhaji Demola Banu.

The Commissioner said the figure showed a slight increase from the N2.41 billion the state received in the preceding month.

He said that the state got statutory revenue allocation of N1.41 billion and Value Added Tax (VAT) of N701.81 million.

He added that the state also received N474.39 million for Exchange Gain Difference and Excess Profit before Tax of N190.99 million, all adding up to N2.8 billion.

Similarly, the commissioner said that the 16 local government areas in the state got a total of N2 billion for the month.

This, he said, was higher than N1.77 billion they received for the month of July.
He explained that the local government areas’ allocation for the period comprised statutory allocation of N1.17 billion and VAT of N398.23 million.

Banu said that the amount also included N312.89 million for exchange gain difference and N125.97 million from excess profit before tax.

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