FAAC Shares N2.43trn Among 3 Tiers for September

The Federation Account Allocation Committee (FAAC) has shared N2.428 trillion among the Federal Government, 36 state governments and 774 local government councils as revenue for September 2026.

Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, disclosed this in a statement issued in Abuja on Thursday, following the committee’s October meeting.

He said the distributable revenue comprised N1.672 trillion in statutory revenue and N756.587 billion from Value Added Tax (VAT).

Total gross revenue available for distribution in September was N3.913 trillion. From this, N131.758 billion was deducted as cost of collection, while transfers, refunds and savings amounted to N1.352 trillion.

Of the N2.428 trillion shared, the Federal Government received N832.242 billion, state governments N799.872 billion, and local government councils N560.660 billion. Benefiting states also shared N236.049 billion as 13 per cent derivation revenue from mineral resources.

From the N1.672 trillion distributable statutory revenue, the Federal Government got N756.583 billion, states N383.749 billion and local councils N295.855 billion.

From the N756.587 billion VAT revenue, the Federal Government received N75.659 billion, states N416.123 billion and local councils N264.805 billion.

Mokwa said gross statutory revenue rose to N3.096 trillion in September, up by N246.384 billion from N2.850 trillion in August. Petroleum Profit Tax, Hydrocarbon Tax, petroleum royalties, import duty, Common External Tariff (CET) levies and excise duty recorded significant increases.

Gross VAT revenue, however, fell to N816.872 billion from N834.843 billion in August, a drop of N17.972 billion. Companies Income Tax, Capital Gains Tax, Stamp Duties, mineral royalties, gas-flaring penalties, gas-flaring fees and miscellaneous oil revenue also declined.

Earlier figures showed that the 36 states received a combined N2.39 trillion from the Federation Account in the second quarter of 2026, up 12.2 per cent from N2.13 trillion in the first quarter.