Kwara gets N2.8bn FAAC allocation for March  

By Mosunmola Ayobami, Kwara

Kwara State government has received N2.8billion as federal allocation for the month of March, according to a statement from the Ministry of Finance. 

The is made up of statutory revenue allocation SRA (Gross) of N1.9billion; deductions (loans) of N1.2billion; SRA (Net) of N699.4million; Value Added Tax (VAT) of N1.6billion; excess bank charges of N33.3milliom and non-oil revenue of N488.2million.

According to the statement, March allocation figure is higher by N291million when compared with that of last month, but still represents a worrisome downward trend in revenue.

The statement said the 16 local government areas also received N2.5billion (net) as federal allocation for the same month.

According to the statement, the figures comprise SRA (Gross) of N1.2billion; deductions of N37.7million; SRA (Net) N1.2billion; VAT N943.5billion; excess bank charges of N21.3million and non-oil revenue of N321.3million.

The statement added that the figure is higher by N182million when compared with last month’s allocation, even though it means the LGAs will need extra funds to pay 100% salary.