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FAAC Shares ₦2.428trn Sept Revenue To FG, States, LGs

BY CHIKA OKEKE, Abuja

The Federation Account Allocation Committee (FAAC) has shared the sum of N2.428 trillion as September 2026 revenue to the Federal Government, States and the Local Government Councils.

This was even as the N2.428 trillion revenue comprised distributable statutory revenue of N1.672 trillion and distributable Value Added Tax (VAT) revenue of N756.587 billion.

Director of Press and Public Relations, Office of the Accountant-General of the Federation, Bawa Mokwa said on Thursday, that the revenue was shared at the October 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

A communiqué issued by the FAAC revealed that the total gross revenue of N3.913 trillion was available in the month of September 2026.

Total deduction for cost of collection was N131.758  billion, while total transfers, refunds and savings was pegged at N1.352 trillion.

This is in addition to gross statutory revenue of N3.096 trillion received for the month of September 2026, higher than the sum of N2.850 trillion received in the preceding month by N246.384 billion.

Gross revenue of N816.872 billion was available from the VAT in September 2026, lower than the N834.843 billion available in the month of August 2026 by N17.972 billion.

From the N2.428 trillion total distributable revenue, the Federal Government received a total sum of N832.242 billion and the State Governments received a total sum of N799.872 billion.

The Local Government Council received N560.660 billion, while the sum of N236.049 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.

On the N1.672 billion distributable statutory revenue, the Federal Government received N756.583 billion and the State Governments received N383.749 billion.

The Local Government Councils also received N295.855 billion, and the sum of N236.049 billion (13% of mineral revenue) was shared to the benefiting states 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, while the Local Government Councils received N264.805 billion.

The Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Petroleum Royalties, Import Duty, CET Levies and Excise Duty increased significantly, while Companies Income Tax (CIT), CGT & SDT, Value Added Tax (VAT), Mineral Royalties,  and Gas Flared Penalty, Rental Gas Flared Fee and Miscellaneous Oil Revenue decreased considerably in the month under review.



 

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