FAAC Shares N2.338tn August Revenue To FG, States, LGs

By Opeyemi Adelakun

The Federation Account Allocation Committee has distributed N2.338 trillion in revenue generated in August 2026 among the Federal Government, state governments and local government councils.

The figure was disclosed on Thursday in a statement issued by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, following the September 2026 FAAC meeting in Abuja.

The total distributable revenue comprised N1.565 trillion in statutory revenue and N773.233 billion generated from Value Added Tax.

The statement said N3.685 trillion was available as gross revenue for August. However, N125.142 billion was deducted as the cost of revenue collection, while N1.221 trillion was accounted for as transfers, refunds and savings.

According to the figures, gross statutory revenue stood at N2.850 trillion in August, representing a decline of N1.508 trillion compared with the N4.359 trillion recorded in July.

VAT revenue, however, increased during the period. A total of N834.843 billion was available from VAT in August, compared with N793.968 billion in July, representing an increase of N40.875 billion.

From the N2.338 trillion shared, the Federal Government received N804.897 billion, while state governments got N794.313 billion.

Local government councils received N555.142 billion, while N184.388 billion, representing 13 per cent of mineral revenue, was distributed to benefiting states as derivation revenue.

A breakdown of the N1.565 trillion statutory revenue showed that the Federal Government received N727.573 billion, while states received N369.035 billion.

Local governments received N284.511 billion, while the benefiting states received N184.388 billion as derivation revenue.

From the N773.233 billion VAT pool, the Federal Government received N77.323 billion, state governments received N425.278 billion and local government councils received N270.632 billion.

The communiqué also reported changes across various revenue streams.

Petroleum Profit Tax, Hydrocarbon Tax, VAT, Customs and Excise Tariff levies and Excise Duty recorded significant increases during the month.

However, Companies Income Tax, Capital Gains Tax, Stamp Duty Tax, Petroleum Royalties, Mineral Royalties, Gas Flared Penalty, Import Duty, Rental Gas Flared Fee and Miscellaneous Oil Revenue recorded considerable declines.