Federation Account Allocation Committee (FAAC) has shared N2.428 trillion September 2026 Revenue to the Federal Government, States and the Local Government Councils.
The revenue was shared at the October 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja on Thursday.
The N2.428 trillion total distributable revenue comprised distributable statutory revenue of N1.672 trillion , distributable Value Added Tax (VAT) revenue of N756.587 billion.
FAAC in a communiqué issued at the end of the meeting indicated that total gross revenue of N3.913 trillion was available in the month of September 2026.
Total deduction for cost of collection was N131.758 billion while total transfers, refunds and savings N1.352 trillion.
According to the communiqué, gross statutory revenue of N3.096 trillion was received for the month of September 2026.
This was higher than the sum of N2.850 trillion received in the preceeding month by N246.384 billion.
Gross revenue of N816.872 billion was available from the Value Added Tax (VAT) in September 2026.
This was lower than the N834.843 billion available in the month of August 2026 by N17.972 billion.
The communiqué stated that from the N2.428 trillion total distributable revenue, the Federal Government received total sum of N832.242 billion and the State Governments received total sum of N799.872 billion.
The Local government Council received N560.660 billion, while the sum of N236.049 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N1.672 billion distributable statutory revenue, the communiqué stated that the Federal Government received N756.583 billion and the State Governments received N383.749 billion.
The Local Government Councils received N295.855 billion and the sum of N236.049 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N756.587 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N75.659 billion, the State Governments received N416.123 billion and the Local Government Councils received N264.805 billion.
In September 2026, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Petroleum Royalties, Import Duty, CET Levies and Excise Duty increased significantly while Companies income Tax (CIT), CGT & SDT, Value Added Tax (VTA), Mineral Royalties, and Gas Flared Penalty, Rental Gas Flared Fee and Misc. Oil Revenue decreased considerably.
(vitalnewsngr.com)
