FAAC: FG, states, LGs share N2.428trn as gross revenue hits N3.913trn

The Federation Account Allocation Committee (FAAC) has distributed N2.428 trillion in September 2026 revenue among the Federal Government, states and local government councils.

The allocation was approved during the October 2026 FAAC meeting held in Abuja.

According to a statement attributed to the Office of the Accountant-General of the Federation, as reported by Daily Post, through its spokesperson, Bawa Mokwa, the distributable revenue comprised N1.672 trillion in statutory revenue and N756.587 billion from Value Added Tax (VAT).

The Federal Government received N832.242 billion, while state governments received N799.872 billion.

Local government councils received N560.660 billion, while oil-producing states shared N236.049 billion as 13 per cent derivation revenue.

The communiqué disclosed that gross revenue reached N3.913 trillion during September, with N131.758 billion deducted for collection costs.

Another N1.352 trillion was allocated to transfers, refunds and savings.

Gross statutory revenue increased to N3.096 trillion from N2.850 trillion recorded in August, representing a rise of N246.384 billion.

However, gross VAT revenue declined from N834.843 billion in August to N816.872 billion in September.

From the statutory allocation, the Federal Government received N756.583 billion, states N383.749 billion and local councils N295.855 billion.

The VAT distribution gave the Federal Government N75.659 billion, states N416.123 billion and local councils N264.805 billion.

FAAC reported increases in petroleum profit tax, hydrocarbon tax, petroleum royalties and import duties.

However, company income tax, capital gains tax, stamp duties and VAT collections declined during the period under review.