FAAC shares N2.33tn, states get N794bn

The Federal Accounts Allocation Committee (FAAC) has shared N2.33 trillion among the Federal Government, states and local government councils for August 2026, representing a 22.3 per cent decline from the N3 trillion distributed in July.

The revenue was shared at the FAAC meeting held in Abuja in September, according to a statement issued on Thursday by Bawa Mokwa, Director of Press and Public Relations, Office of the Accountant-General of the Federation (OAGF).

The N2.33 trillion total distributable revenue comprised N1.56 trillion in distributable statutory revenue and N773.23 billion in Value Added Tax (VAT) revenue.

FAAC said a total gross revenue of N3.68 trillion was available for distribution in August, while N125.14 billion was deducted as cost of collection.

Read Also:

Gaya Polytechnic Opens Recruitment, Advertises 46 Academic, Non-Academic Positions

Navy Chief Tasks Logistics Experts on Fleet Renewal, Operations

Kano Governor appoints Hafsat acting PCACC chairperson

It added that total transfers, refunds and savings stood at N1.22 trillion during the month under review.

The committee said gross statutory revenue stood at N2.85 trillion in August, representing a decline of N1.5 trillion compared with the N4.35 trillion recorded in July.

However, VAT revenue recorded an increase during the period, with N834.84 billion generated in August, compared with N793.96 billion in July, representing an increase of N40.87 billion.

From the N2.33 trillion total distributable revenue, the Federal Government received N804.89 billion, while the 36 states and the Federal Capital Territory received N794.31 billion. Local government councils received N555.14 billion.

FAAC also said N184.38 billion, representing 13 per cent derivation revenue from mineral resources, was distributed to the benefiting states.

Breakdown of the N1.56 trillion distributable statutory revenue showed that the Federal Government received N727.57 billion, states got N369.03 billion, while local governments received N284.51 billion.

The benefiting states also received N184.38 billion as their 13 per cent derivation revenue.

Similarly, from the N773.23 billion distributable VAT revenue, the Federal Government received N77.32 billion, states received N425.27 billion, while local government councils got N270.63 billion.

According to FAAC, petroleum profit tax, hydrocarbon tax, VAT, Common External Tariff levies and excise duty recorded significant increases in August.

The committee, however, said company income tax, capital gains tax, petroleum royalties, mineral royalties, gas flared penalty, import duty and rental gas flared fees recorded considerable declines during the period.