FAAC
The Federation Account Allocation Committee (FAAC) has shared the sum of N2.428 trillion among the Federal Government, 36 states government and the 774 Local Government Councils (LGCs) as revenue for the month of September.
The Director, Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), Mr. Bawa Mokwa, said this in a statement on Thursday in Abuja.
Mokwa said the allocation was approved by FAAC at its October meeting held in Abuja.
He said the N2.428 trillion distributable revenue comprised of statutory revenue of N1.672 trillion, distributable Value Added Tax (VAT) revenue of N756.587 billion.
Mokwa quoted the FAAC communiqué as saying that total gross revenue of N3.913 trillion was available in the month of September 2026.
He said a total deduction for cost of collection was N131.758 billion while total transfers, refunds and savings of N1.352 trillion.
According to him, a gross statutory revenue of N3.096 trillion was received for the month of September 2026.
“This was 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 Value Added Tax (VAT) in September 2026.
“This was lower than the N834.843 billion available in the month of August 2026 by N17.972 billion,” he said.
Mokwa explained that the Federal Government received N832.242 billion and the state governments received the sum of N799.872 billion.
He said the LGCs received N560.660 billion, while the sum of N236.049 billion (13% of mineral revenue) was shared to the benefiting state as derivation revenue.
Mokwa said in the N1.672 billion distributable statutory revenue, the Federal Government received N756.583 billion and the State Governments received N383.749 billion.
He said the LGCs received N295.855 billion and the sum of N236.049 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The director said from the N756.587 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N75.659 billion, the State Governments received N416.123 billion and the LGCs received N264.805 billion.
“In September 2026, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Petroleum Royalties, Import Duty, CET Levies and Excise Duty increased significantly.
“Also, Companies Income Tax (CIT), CGT & SDT, Value Added Tax (VTA), Mineral Royalties, and Gas Flared Penalty, Rental Gas Flared Fee and Misc. Oil Revenue decreased considerably,” he said. (NAN)
