The Federal Government, states and local government councils have shared N2.338 trillion from the Federation Account as revenue distributable for August 2026.
The allocation was announced after the September 2026 meeting of the Federation Account Allocation Committee (FAAC), chaired by the Accountant-General of the Federation, Mr Shamseeldeen Ogunjimi.
According to a statement signed by the Head of Information and Public Relations, Efe Ovuakporie, the N2.338 trillion distributable revenue comprised N1.565 trillion from Statutory Revenue and N773.233 billion from Value Added Tax (VAT).
The statement explained that the Federal Government received N804.897 billion, states got N794.313 billion, while local government councils received N555.142 billion.
In addition, N184.388 billion was shared as derivation revenue among oil-producing states, representing the constitutionally prescribed 13 per cent of mineral revenue.
The figures came after deductions and allocations for the cost of revenue collection, transfers, interventions and refunds.
VAT Revenue Rises
FAAC said gross VAT revenue for August stood at N834.843 billion, representing an increase of N40.875 billion compared with the N793.968 billion recorded in the preceding month.
However, N100.545 billion was deducted as the cost of collection, while N1.184 trillion was allocated for transfers, interventions and refunds.
The remaining N733.233 billion was distributed among the three tiers of government, with the Federal Government receiving N77.323 billion, states N425.278 billion and local government councils N270.632 billion.
Statutory Revenue Drops
Gross Statutory Revenue fell sharply to N2.850 trillion in August from N4.359 trillion in July, representing a decline of N1.509 trillion.
From the statutory revenue, N24.597 billion was deducted for the cost of collection, while N37.014 billion was allocated for transfers, interventions and refunds.
The balance of N1.565 trillion was distributed among the three tiers of government.
The Federal Government received N727.573 billion, states got N369.035 billion, while local government councils received N284.511 billion.
The mineral-producing states also received N184.388 billion as derivation revenue.
Mixed Revenue Performance
The FAAC communiqué showed that revenue from Petroleum Profit Tax, Hydrocarbon Tax, VAT, Customs and Excise Duties levies and Excise Duty recorded significant increases during the period under review.
However, revenue from Companies Income Tax/Capital Gains Tax, Stamp Duty Tax, Petroleum Royalties, Mineral Royalties, Gas Flared Penalty, Import Duty, Rental, Gas Flared Fee and Miscellaneous Oil Revenue recorded declines.
FAAC said the total revenue available for distribution for August 2026 was N2.338 trillion, comprising N1.565 trillion from Statutory Revenue and N773.233 billion from VAT.
