Kwara receives N2.5bn from FAAC August allocation

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Kwara Government on Wednesday said it received N2.5 billion as its federal allocation for August as against the N3.6 billion it received in July.

The State Commissioner for Finance, Alhaji Demola Banu, said in a statement in Ilorin that the allocation was N1.1 billion lower than that of July.

Banu said the money was made up of N1.7 million as statutory allocation, while Value Added Tax (VAT) attracted N761 million.

He also said that the 16 local government councils in the state got N1.8 billion as allocation for August as against the N2.6 billion they received in July.

Banu said that out of the N1.8 billion, the councils got N1.424 billion as statutory allocation, while Value Added Tax attracted N432 million.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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