The Federation Account Allocation Committee (FAAC) has shared N2.338 trillion August 2026 revenue, among the Federal Government, States and the 774 Local Government Councils in the country.
The revenue was shared at the September 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja on Thursday.
The N2.338 trillion total distributable revenue comprised distributable statutory revenue of N1.565 trillion , distributable Value Added Tax (VAT) revenue of N773.233 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N3.685 trillion was available in the month of August 2026.
Total deduction for cost of collection was N125.142 billion while total transfers, refunds and savings N1.221 trillion.
According to the communiqué, gross statutory revenue of N2.850 trillion was received for the month of August 2026.
This was lower than the sum of N4.359 trillion received in the preceeding month by N1.508 trillion.
Gross revenue of N834.843 billion was available from the Value Added Tax (VAT) in August 2026.
This was higher than the N793.968 billion available in the month of July 2026 by N40.875 billion.
The communiqué stated that from the N2.338 trillion total distributable revenue, the Federal Government received total sum of N804.897 billion and the State Governments received total sum of N794.313 billion.
The Local government Council received N555.142 billion, while the sum of N184.388 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.
On the N1.565 billion distributable statutory revenue, the communiqué stated that the Federal Government received N727.573 billion and the State Governments received N369.035 billion.
The Local Government Councils received N284.511 billion and the sum of N184.388 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N773.233 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N77.323 billion, the State Governments received N425.278 billion and the Local Government Councils received N270.632 billion.
In August 2026, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Value Added Tax (VTA), CET Levies and Excise Duty increased significantly while Companies income Tax (CIT), CGT, SDT, Petroleum Royalties, Mineral Royalties, and Gas Flared Penalty Import Duty, Rental Gas Flared Fee and Misc. Oil Revenue decreased considerably.
(vitalnewsngr.com)
