The Federation Account Allocation Committee (FAAC) has shared N2.428 trillion among the three tiers of government for September 2026, following a gross federation revenue of N3.913 trillion.
The allocation, approved at FAAC’s October meeting in Abuja, is N90 billion higher than the N2.338 trillion shared in August.
How the Money Was Shared
According to a statement by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, the Federal Government received N832.242 billion, while states and local government councils got N799.872 billion and N560.660 billion respectively.
Oil mineral producing states received an additional N236.049 billion as 13 per cent derivation revenue.
The N2.428 trillion distributable pool comprised N1.672 trillion in statutory revenue and N756.587 billion from Value Added Tax (VAT).
Deductions and Revenue Trends
From the N3.913 trillion gross revenue, N131.758 billion was deducted for cost of collection, while transfers, refunds and savings gulped N1.352 trillion.
Gross statutory revenue rose to N3.096 trillion in September, up from N2.850 trillion in August — a N246.384 billion increase. VAT, however, dipped slightly, posting N816.872 billion against August’s N834.843 billion.
Under the VAT sharing formula, states took the largest chunk with N416.123 billion, local councils received N264.805 billion, and the Federal Government got N75.659 billion.
What Drove the Numbers
FAAC linked the mixed performance to gains in Petroleum Profit Tax, Hydrocarbon Tax, petroleum royalties, import duty, CET levies and excise duty.
On the flip side, Companies Income Tax, Capital Gains Tax, Stamp Duties, VAT, mineral royalties and gas-flaring-related revenues all declined.
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