FAAC Disburses N2.338trn to FG, States, LGAs

By Modupe Gbadeyanka

The sum of N2.338 trillion has been shared among the federal government, the 36 state governments, the 774 local government areas of the federation, as well as the oil-producing states for September.

The funds were from the gross revenue of N3.685 trillion generated by the nation in August 2026, a statement from the Federation Account Allocation Committee (FAAC) said.

The money was distributed at the FAAC meeting held in Abuja this week, the statement signed by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), Mr Bawa Mallam Mokwa, disclosed.

It comprised total distributable revenue of N1.565 trillion and Value Added Tax (VAT) of N773.233 billion.

From the N2.338 trillion shared, the federal government received N804.897 billion, the states got N794.313 billion, and the councils were given N555.142 billion, with N184.388 billion shared as 13 per cent derivation revenue to benefiting states.

A breakdown indicated that of the N1.565 trillion distributable statutory revenue, the central government took N727.573 billion, the states got N369.035 billion, the local councils shared N284.511 billion, and the benefiting states received N184.388 billion as derivation revenue.

From the N773.233 billion distributable VAT earnings, the national government was given N77.323 billion, the states received N425.278 billion, and the LGAs got N270.632 billion.

In the statement, FAAC disclosed that revenue from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), VAT, Customs and Excise Duties increased significantly in August, while there were declines in Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duty Tax (SDT), Petroleum Royalties, Mineral Royalties, Gas Flared Penalty, Import Duty, Rental Gas Flared Fee and Miscellaneous Oil Revenue.