The Federation Account Allocation Committee, FAAC, has disbursed N2.338 trillion August 2026 revenue to the Federal Government, states and local councils.
This was disclosed in a statement on Thursday by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.
A total sum of N2.338 trillion, being the August 2026 Federation Account revenue, was shared among the Federal Government, states and LGs.
The revenue was shared at the September 2026 FAAC meeting held in Abuja.
The N2.338 trillion total distributable revenue comprised N1.565 trillion in distributable statutory revenue and N773.233 billion in distributable Value Added Tax, VAT, revenue.
The statement indicated that a total gross revenue of N3.685 trillion was available in August 2026. Total deductions for the cost of collection amounted to N125.142 billion, while total transfers, refunds and savings stood at N1.221 trillion.
According to the statement, gross statutory revenue of N2.850 trillion was received in August 2026. This was lower than the N4.359 trillion received in the preceding month by N1.508 trillion.
Gross revenue of N834.843 billion was available from VAT in August 2026. This was higher than the N793.968 billion available in July 2026 by N40.875 billion.
The communiqué stated that from the N2.338 trillion total distributable revenue, the Federal Government received a total sum of N804.897 billion, while the state governments received a total sum of N794.313 billion.
The local government councils received N555.142 billion, while N184.388 billion, representing 13 percent of mineral revenue, was shared with the benefiting states as derivation revenue.
On the N1.565 trillion distributable statutory revenue, the communiqué stated that the Federal Government received N727.573 billion, while the state governments received N369.035 billion.
The local government councils received N284.511 billion, while N184.388 billion, representing 13 percent of mineral revenue, was shared with the benefiting states as derivation revenue.
From the N773.233 billion distributable 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, Hydrocarbon Tax, VAT, CET levies and Excise Duty increased significantly, while 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 decreased considerably.
