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FAAC: Kwara Govt, 16 LGs Receive N6.4b as May Allocation

By Dipo Olowookere

The sum of N6.4 billion is to be shared between the Kwara State government and the 16 local government areas of the state.

This money was given to the state and local governments as part of their share from the federation account for May.

A statement released on Wednesday by the Permanent Secretary in the Ministry of Finance in Kwara State, Mr Benjamin Fatigun, disclosed that while the state government is getting N3.7 billion from the amount, the 16 local governments will share N2.7 billion.

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Mr Fatigun disclosed further that the N3.7 billion received this month was lower than the N3.4 billion it received in April.

A breakdown of the allocation figures showed that the state government got a statutory allocation of N2.9 billion, Value Added Tax (VAT) of N836 million, and excess bank charges of N2.6 million.

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On the other hand, the N2.7 billion received by the 16 local government councils in the state was higher than the N2.5 billion they got last month.

The Perm Sec said the councils’ allocation was made up of statutory allocation of N2.2 billion and Value Added Tax (VAT) and excess bank charges of N474 million.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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