FAAC: Kwara Gets N2.8bn for March, LGs Get N2.5bn
Kwara State Government has received a total inflow of N2,886,631,784.67k as federal allocation, FAAC for the month of March, according to a statement from the Ministry of Finance.
The allocation comprises statutory revenue allocation SRA (Gross) of N1,967,500,363.58k; deductions (loans) of N1,268,042,679.71k; SRA (Net) of N699,457,683.87k; Value Added Tax (VAT) of N1,665,520,784.67k; Excess Bank charges of N33,391,774.95k and
Non Oil Revenue of N488,261,483.95k.
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March allocation figure is higher by N291,079,653.10k when compared with last month, but still represents a worrisome downward trend in revenue.
The statement said the 16 local government areas also received a total sum of N2,546,039,717.27k (net) as federal allocation for the month of March.
According to the statement, the figures comprise SRA (Gross) N1,297,699,856.05k; Deductions N37,797,083.19k; SRA (Net) N1,259,902,772.86k and VAT N943, 514,314,.35; Excess Bank charges of N21,302,611.76k and Non Oil Revenue of N321,320,018.30k.
The statement added that the figure is higher by N182,075,917.36k when compared with last month allocation, even though it means the LGAs will need extra funds to pay 100% salary.
Babatunde Toyin Abdulrasheed
Press Secretary, Ministry of Finance, Ilorin.