The Federation Account Allocation Committee (FAAC) has distributed N2.43 trillion among the federal, state and local governments as revenue for September 2026.
Gatekeepers News reports that in a statement issued on Thursday, Francis Kusa, chief information officer and head of information and public relations at the Federal Ministry of Finance, said the allocation was approved at FAAC’s October meeting, chaired by Shamsudeen Ogunjimi, accountant-general of the federation.
According to the statement, the distributable revenue was drawn from a gross sum of N3.91 trillion.
The federal government received N832.24 billion, while the state governments got N799.87 billion. Local government councils received N560.66 billion, while oil-producing states were allocated N236.05 billion as 13 per cent derivation revenue.
The committee also set aside N131.76 billion as the cost of revenue collection, while N1.35 trillion was allocated for transfers, refunds and savings.
VAT Revenue Falls to N816.87bn
FAAC said gross revenue from value-added tax (VAT) declined to N816.87 billion in September from N834.84 billion in August, representing a decrease of N17.97 billion.
According to the communique issued after the meeting, N23.576 billion was deducted as the cost of collection, while N36.709 billion was set aside for transfers, refunds and savings.
“The remaining sum of N756.587 Billion was distributed to the three tiers of government, of which the Federal Government got N75.659 Billion, the States received N416.123 Billion and Local Government Councils got N264.805 Billion,” the communique said.
Gross Statutory Revenue Rises by N246.38bn
The committee also reported an increase in gross statutory revenue, which rose to N3.1 trillion in September from N2.85 trillion in August, representing an increase of N246.38 billion.
Of the statutory revenue, N106.18 billion was allocated to collection costs, while N1.32 trillion went towards transfers, refunds and savings.
The remaining N1.67 trillion was distributed among the federal, state and local governments, alongside oil-producing states.
The communique stated: “Federal Government got the sum of N756.583 Billion, States received N383.749 Billion, the sum of N295.855 Billion was allocated to LGCs and N236.049 Billion was given to Derivation Revenue (13% Mineral producing States).”
FAAC attributed the increase in statutory revenue to higher collections from petroleum profit tax, hydrocarbon tax, petroleum royalties, import duty, common external tariff levies and excise duty.
However, the committee said revenue from company income tax, stamp duties, VAT, mineral royalties, gas-flaring penalties, rental and other oil revenue declined during the period.
The committee said the distributable statutory revenue stood at N1.67 trillion, while distributable VAT revenue amounted to N756.59 billion, bringing the total allocation to N2.43 trillion.
