FACC Disburses N2.428tn September Allocations as Federation Revenue Grosses N3.913tn
Ndubuisi Francis in Abuja
The Federation Account Allocation Committee (FAAC) has disbursed a total of N2.428 trillion to the Federal Government, states and local government councils, as Federation Revenue grossed N3.913 trillion for September 2026.
FAAC shared the amount during its October meeting in Abuja, Thursday, the Director of Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa, said in a statement.
The N2.428 trillion September allocations surpassed the sum of N2.338 trillion shared in the preceding month of August by N90 billion.
Citing the communiqué issued at the meeting, Mokwa said from the N2.428 trillion distributable revenue, the Federal Government received N832.242 billion, state governments received N799.872 billion, while local government councils got N560.660 billion.
The sum of N236.049 billion went to oil mineral producing states as 13 per cent derivation revenue.
The N2.428 trillion total distributable revenue for September comprised a distributable statutory revenue of N1.672 trillion and distributable Value Added Tax (VAT) revenue of N756.587 billion.
Although gross revenue was N3.913 trillion in September, total deductions for cost of collection stood at N131.758 billion, while total transfers, refunds and savings accounted for N1.352 trillion.
According to the communiqué, gross statutory revenue of N3.096 trillion was received for September 2026, an amount higher than the sum of N2.850 trillion received in the preceeding month by N246.384 billion.
Value Added Tax (VAT) also posted a gross revenue of N816.872 billion in September, N17.972 billion, an amount less than the N834.843 billion recorded in August 2026.
However, from the N816.872 billion gross VAT revenue, distributable VAT revenue was N756.587 billion from which the Federal Government received N75.659 billion, state governments got N416.123 billion, and local government councils received N264.805 billion.
According to the figures, state and local government councils received larger shares of distributable VAT revenue, while the Federal Government got a smaller share.
The communiqué also showed that gross statutory revenue rose in September, while VAT revenue declined during the period.
It equally emerged that gross statutory revenue stood at N3.096 trillion in September, up from N2.850 trillion in August, the N246.384 billion rise reflecting higher revenue available from statutory sources.
Overall, FAAC attributed the changes in revenue performance to increases in some tax and petroleum-related revenue sources, alongside declines in others.
Petroleum Profit Tax (PPT), Hydrocarbon Tax, petroleum royalties, import duty, Common External Tariff (CET) levies and excise duty recorded significant increases in September.
But Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties Tax (SDT), VAT, mineral royalties, gas-flaring penalties, rental gas-flaring fees and miscellaneous oil revenue declined during the period.