The Kwara State Government has received a sum of N4,081,333,488.67 as allocation from the Federation Accounts Allocation Committee (FAAC) for December 2018.

This was disclosed by the State Commissioner for Finance, Alhaji Demola Banu in a statement made available to Pulse.

Banu disclosed that the state government’s allocation was made up of statutory allocation of   N2,848,282,384.32, Value Added Tax of N 845,112,525.29, foreign exchange equalization of N381,981,982.32 and exchange gain of N5,956,596.74.

This is what local governments received

The commissioner revealed that the 16 local government councils in the state received a total of N2,941,482,536.70 as allocation for December. 

Giving a breakdown of the allocation figures, Banu said the local councils got a statutory allocation of N2,206,023,05, Value Added Tax of N79,587,690.84, foreign exchange equalization of N251,943,009.84, and exchange gain of N3,928,779.32.

Nigeria's 36 states often receive a monthly allocation from the center in proceeds from crude oil sale and taxes, based on an agreed revenue sharing formula.