October: FG, States, LGs Share N2.428trn September Revenue

* Federal Government gets ₦832.242bn, states receive ₦799.872bn, local councils take ₦560.660bn

By Tolà Azi

The Federal Government, state governments and Local Government Councils shared a total of ₦2.428 trillion in revenue accrued to the Federation Account for September 2026.

The revenue was shared at the October 2026 meeting of the Federation Account Allocation Committee (FAAC), held in Abuja.

A statement issued on Thursday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, said the total distributable revenue comprised ₦1.672 trillion from statutory revenue and ₦756.587 billion from Value Added Tax (VAT).

According to the FAAC communiqué, ₦3.913 trillion in gross revenue was available for distribution in September.

However, ₦131.758 billion was deducted for revenue collection costs, while ₦1.352 trillion went to transfers, refunds and savings.

The communiqué disclosed that gross statutory revenue rose to ₦3.096 trillion in September, an increase of ₦246.384 billion over the ₦2.850 trillion recorded in August 2026.

By contrast, gross VAT revenue fell to ₦816.872 billion in September from ₦834.843 billion in August, a decrease of ₦17.972 billion.

Of the ₦2.428 trillion distributable revenue, the Federal Government received ₦832.242 billion, while the state governments shared ₦799.872 billion.

The Local Government Councils received ₦560.660 billion, while ₦236.049 billion, representing the 13 per cent derivation revenue from mineral resources, was allocated to benefiting states.

From the ₦1.672 trillion in distributable statutory revenue, the Federal Government received ₦756.583 billion, while the state governments received ₦383.749 billion.

The Local Government Councils were allocated ₦295.855 billion, while ₦236.049 billion was shared among benefiting states as 13 per cent derivation revenue.

Similarly, the ₦756.587 billion in distributable VAT revenue was shared among the three tiers of government. The Federal Government received ₦75.659 billion, the state governments received ₦416.123 billion, and the Local Government Councils were allocated ₦264.805 billion.

The communiqué further indicated that revenue from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), petroleum royalties, import duty, Common External Tariff (CET) levies and excise duty recorded significant increases in September.

However, collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), VAT, mineral royalties, gas-flaring penalties, gas-flaring fees, rental income and miscellaneous oil revenue declined during the period.