FAAC: Kwara receives N2.5bn as February allocation

The Kwara Government has received  about N2. 5 billion as its share from the Federation Account allocation for February disbursed on Tuesday in Abuja.

The state Commissioner for Finance, Alhaji Demola Banu, disclosed this in a statement made available to the News Agency of Nigeria (NAN) on Wednesday in Ilorin.

The amount received was against the N1.8 billion it received in January.

Banu said the state government got a statutory revenue allocation N1.2 billion; Value Added Tax,  N696.9 million;  Exchange Gain difference of N268.9 million and excess Petroleum Profit Tax of N332.05 million,  totaling about N2.5 billion.

The Finance Commissioner also disclosed that the 16 local governments in the state got  about N1.8 billion as allocation for February, against the N1.4 billion received in January.

A breakdown of the allocation, according to him, shows that the councils received a statutory allocation of N1.045 billion,  VAT of N395.5 million;
exchange gain difference of N177.3 million and excess Petroleum Profit Tax of N219 million,  giving a total of about N1.83 billion (NAN)