FAAC Shares N2.428trn Among Federal, State, Local Governments for September

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

The Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa, disclosed this in a statement issued on Thursday in Abuja.

According to Mokwa, the allocation was approved at FAAC’s October meeting held in Abuja.

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

Mokwa said the total gross revenue available for distribution in September stood at N3.913 trillion, while deductions for the cost of collection amounted to N131.758 billion. Transfers, refunds and savings totalled N1.352 trillion.

He added that gross statutory revenue for September was N3.096 trillion, representing an increase of N246.384 billion compared with the N2.850 trillion recorded in August.

However, gross VAT revenue declined to N816.872 billion in September from N834.843 billion in the preceding month, representing a decrease of N17.972 billion.

Under the September allocation, the Federal Government received N832.242 billion, while the state governments got N799.872 billion.

The local government councils received N560.660 billion, while N236.049 billion was allocated to eligible states as 13 per cent derivation revenue from mineral resources.

A breakdown of the N1.672 trillion distributable statutory revenue showed that the Federal Government received N756.583 billion, while the state governments got N383.749 billion.

The local government councils received N295.855 billion from the statutory revenue, while the benefiting states received N236.049 billion as derivation revenue.

From the N756.587 billion distributable VAT revenue, the Federal Government received N75.659 billion, the state governments got N416.123 billion, and the local government councils received N264.805 billion.

Mokwa further disclosed that revenue from Petroleum Profit Tax, Hydrocarbon Tax, petroleum royalties, import duty, Common External Tariff levies and excise duty recorded significant increases during the period.

Conversely, receipts from Companies Income Tax, Capital Gains Tax and Stamp Duties, VAT, mineral royalties, gas-flaring penalties, gas-flaring fees and miscellaneous oil revenue declined considerably in September.