The Federal Government, states and local governments share revenue at the October 2026 FAAC meeting in Abuja.
The Federal Government, states and local governments have shared N2.428 trillion in revenue generated in September 2026, as statutory revenue increased while Value Added Tax (VAT) receipts declined.
The Office of the Accountant-General of the Federation disclosed this in a statement on Thursday, following the October meeting of the Federation Account Allocation Committee (FAAC) in Abuja.
The distributable revenue comprised N1.672 trillion from statutory revenue and N756.587 billion from VAT.
The Federal Government received N832.242 billion, state governments got N799.872 billion, while local government councils received N560.660 billion. Oil-producing states also shared N236.049 billion as their 13 per cent derivation revenue.
FAAC said total gross revenue stood at N3.913 trillion in September, while collection costs amounted to N131.758 billion and transfers, refunds and savings totalled N1.352 trillion.
Gross statutory revenue rose to N3.096 trillion from N2.850 trillion in August, an increase of N246.384 billion.
However, gross VAT revenue declined to N816.872 billion in September from N834.843 billion in the preceding month, representing a drop of N17.972 billion.
From the distributable statutory revenue, the Federal Government received N756.583 billion, states got N383.749 billion, while local governments received N295.855 billion.
The distributable VAT revenue was shared among the Federal Government, which received N75.659 billion; states, N416.123 billion; and local governments, N264.805 billion.
The committee attributed the revenue performance to increases in Petroleum Profit Tax, Hydrocarbon Tax, petroleum royalties, import duty, Common External Tariff levies and excise duty. However, Companies Income Tax, capital gains tax, stamp duties, VAT and some other revenue sources recorded declines.
The figures were released by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation.
By News Scope Africa
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