The Kwara State government received N3.4 billion as allocation from the Federation Accounts Allocation Committee, FAAC, for the month of October, according to Commissioner for Finance, Alhaji Demola Banu.

Banu says the state government got a total of N3,404,033,607.33 as allocation for October.

He clarified that the state government’s allocation was made up of statutory allocation of N2, 639, 202, 094.19, Value Added Tax of N735,699,362.29, exchange gain of N1,516,878.68, and Excess Bank Charges of N27,615,272.17

He added that the 16 local government councils in the state received a total of N2,504,576,236.69 as allocation for October.

A breakdown of the allocation figures shows that the councils got a statutory allocation of N2,068, 120, 432.93, Value Added Tax of N417,241,175.57 and exchange gain of N1,000,484.31 and excess bank charges of N18,214,143.88.

Kwara is one of the few states that makes public its monthly federal allocation.

All 36 states in Nigeria often receive financial allocation; a chunk of which comes from crude oil sales which accounts for over 70 percent of Nigeria’s earnings and 10 percent of GDP.


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