FAAC Shares N2.338trn To FG, States, LGs For August

The Federal Account Allocation Committee (FAAC) has shared N2.338 trillion among the Federal Government, states and Local Government Councils as revenue allocation for August 2026.

The Director of Press and Public Relations in the Office of the Accountant General of the Federation, Bawa Mokwa, disclosed this in a statement issued on Thursday in Abuja.

According to him, the revenue was shared at the September 2026 FAAC meeting and comprised N1.565 trillion in distributable statutory revenue and N773.233 billion in Value Added Tax (VAT) revenue.

Mokwa said total gross revenue of N3.685 trillion accrued to the Federation Account in August, while N125.142 billion was deducted as cost of collection. A further N1.221 trillion was deducted for transfers, refunds and savings.

He said gross statutory revenue stood at N2.850 trillion in August, representing a decline of N1.508 trillion from the N4.359 trillion recorded in July.

However, VAT revenue increased during the period, with N834.843 billion generated in August compared with N793.968 billion in July, representing an increase of N40.875 billion.

From the N2.338 trillion total distributable revenue, the Federal Government received N804.897 billion, states received N794.313 billion, while Local Government Councils received N555.142 billion.

The benefiting states also received N184.388 billion as 13 per cent derivation revenue from mineral resources.

A breakdown of the statutory revenue showed that the Federal Government received N727.573 billion, states N369.035 billion and Local Government Councils N284.511 billion.

From the N773.233 billion distributable VAT revenue, the Federal Government received N77.323 billion, states received N425.278 billion, while Local Government Councils received N270.632 billion.

The FAAC statement attributed increases in revenue during the month to higher receipts from Petroleum Profit Tax, Hydrocarbon Tax, VAT, Customs and Excise Duty levies.

OkIt, however, recorded declines in Companies Income Tax, Capital Gains Tax, Stamp Duty Tax, petroleum royalties, mineral royalties, gas flaring penalties, import duty, rental gas flaring fees and miscellaneous oil revenue.