By Faith Anisiobi, The Sight News
The Federal Government, states and local government councils have shared N2.428 trillion from a gross revenue of N3.913 trillion generated in September 2026.
The Federation Account Allocation Committee (FAAC) announced the allocation at its October meeting, chaired by the Accountant-General of the Federation, Shamsudeen B. Ogunjimi, according to a statement issued by the Federal Ministry of Finance on Thursday.
Of the amount shared, the Federal Government received N832.242 billion, states got N799.872 billion, while local government councils received N560.660 billion. Oil-producing states also received N236.049 billion as the 13 per cent derivation revenue.
The committee allocated N131.758 billion for the cost of revenue collection, while N1.353 trillion was set aside for transfers, refunds and savings.
The statement, signed by the Chief Information Officer, Information and Public Relations, Francis Kusa, indicated that gross Value Added Tax (VAT) revenue stood at N816.872 billion in September, down from N834.843 billion in August, representing a decline of N17.972 billion.
After deductions for collection costs, transfers, refunds and savings, N756.587 billion was available for distribution from VAT revenue.
The Federal Government received N75.659 billion from the distributable VAT revenue, while states got N416.123 billion and local government councils received N264.805 billion.
In contrast, gross statutory revenue rose to N3.097 trillion in September from N2.850 trillion in the preceding month, representing an increase of N246.384 billion.
From the statutory revenue, N106.182 billion was deducted for collection costs, while N1.316 trillion was allocated for transfers, refunds and savings.
The remaining N1.672 trillion was distributed among the three tiers of government and oil-producing states. The Federal Government received N756.583 billion, states got N383.749 billion, local government councils received N295.855 billion, while oil-producing states received N236.049 billion as derivation revenue.
FAAC attributed the revenue performance to significant increases in Petroleum Profit Tax, Hydrocarbon Tax, petroleum royalties, import duty, Common External Tariff levies and excise duty.
However, Companies Income Tax, Stamp Duties Tax, VAT, mineral royalties, gas-flaring penalties, rental income and other oil-related revenue recorded declines during the period.
The committee said the total distributable statutory revenue stood at N1.672 trillion, while distributable VAT revenue amounted to N756.587 billion, bringing the total allocation to N2.428 trillion.
