The Federation Account Allocation Committee (FAAC) shared N2.338 trillion among the federal government, states and local government councils from the N3.685 trillion gross revenue generated in August 2026.
This was announced in a statement signed by the Head of Information and Public Relations of the Federal Ministry of Financ, Efe Ovuakporie.
Key Highlights:
FAAC shared N2.338tn among FG, states and LGs in August.
FG received N804.9bn, states N794.3bn, and LGs N555.1bn.
Oil-producing states got N184.4bn in derivation revenue.
VAT revenue rose to N834.8bn.
Statutory revenue fell by N1.509tn from the previous month.
The statement said the allocation followed the September 2026 FAAC meeting chaired by the Accountant-General of the Federation, Shamseeldeen Ogunjimi.
Of the total distributable revenue, the federal government received N804.897 billion, states received N794.313 billion, while the local government councils got N555.142 billion.
Also, mneral-producing states also received N184.388 billion as 13 percent derivation revenue.
Read also:
- FG rejects claims of revenue diversion, says FAAC deductions misrepresented in World Bank report
- Breaking: NNPC remits 100% profit oil from PSCs to FAAC as Tinubu’s Executive Order 9 takes effect
- Exclusive: Tinubu’s Executive Order 9 – A bold move to flood FAAC with Trillions, at what cost?
The statement added that N125.142 billion was deducted as the cost of collection, while N1.221 trillion was allocated for transfers, interventions and refunds.
Gross VAT revenue for August stood at N834.843 billion, up by N40.875 billion from the previous month. After deductions for collection costs, transfers, interventions and refunds, N733.233 billion was distributed among the three tiers.
Statutory revenue stood at N2.850 trillion, representing a decrease of N1.509 trillion from the N4.359 trillion recorded in the preceding month.
The committee said revenue from Petroleum Profit Tax, Hydrocarbon Tax, VAT, Customs and Excise Duties increased during the period, while Companies Income Tax/Capital Gains Tax, Stamp Duty, petroleum and mineral royalties, among others, recorded declines.
Related Stories:
