FAAC distributes N2.43trn among FG, states, LGs for September

The Federation Account Allocation Committee (FAAC) has shared N2.43 trillion among the federal, state and local governments as revenue for September 2026.

The allocation was announced in a statement issued on Thursday by Francis Kusa, Chief Information Officer and Head of Information and Public Relations at the Federal Ministry of Finance.

According to the statement, the revenue was shared at FAAC’s October meeting, chaired by Shamsudeen Ogunjimi, the Accountant-General of the Federation.

The committee disclosed that the N2.43 trillion distributed among the three tiers of government was generated from a gross revenue of N3.91 trillion.

From the stated amount, the federal government was said to have received N832.24 billion, while the states got N799.87 billion.

The ministry said the local government councils received N560.66 billion, while oil-producing states received N236.05 billion as 13 percent derivation revenue.

According to the communique issued at the end of the meeting, the committee allocated N131.76 billion for the cost of collection, while N1.35 trillion was allocated for transfers, refunds and savings.

FAAC said gross revenue from value-added tax (VAT) stood at N816.87 billion in September, down from N834.84 billion in August, representing a decline of N17.97 billion.

“From the stated amount, the sum of N23.576 Billion was allocated for the cost of collection and the sum of N36.709 Billion given for Transfers, Refunds and Savings,” the communique said.

“The remaining sum of N756.587 Billion was distributed to the three tiers of government, of which the Federal Government got N75.659 Billion, the States received N416.123 Billion and Local Government Councils got N264.805 Billion.”

GROSS STATUTORY REVENUE INCREASED BY N246 BILLION

The communique also said gross statutory revenue rose to N3.1 trillion in September from N2.85 trillion in August, an increase of N246.38 billion.

Out of the statutory revenue, N106.18 billion was allocated for collection costs, while N1.32 trillion went to transfers, refunds, and savings.

FAAC said the remaining N1.67 trillion was distributed among the federal, states, local governments, and oil-producing states.

“Federal Government got the sum of N756.583 Billion, States received N383.749 Billion, the sum of N295.855 Billion was allocated to LGCs and N236.049 Billion was given to Derivation Revenue (13% Mineral producing States),” the committee added.

FAAC said revenue from petroleum profit tax, hydrocarbon tax, petroleum royalties, import duty, common external tariff (CIT) levies and excise duty increased significantly during the period.

However, the committee said collections from company income tax, stamp duties, VAT, mineral royalties, gas-flared penalties, rental, and other oil revenue declined considerably.

FAAC said the distributable statutory revenue stood at N1.67 trillion, while VAT revenue amounted to N756.59 billion, bringing the total allocation to N2.43 trillion.

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