By Abiodun Folarin
WorldStage— The Federal Government, state governments and local government councils have shared N2.428 trillion as revenue generated by the Federation Account in September 2026.
The allocation was announced in a communiqué issued after the October 2026 meeting of the Federation Account Allocation Committee (FAAC), held in Abuja.
The distributable revenue comprised N1.672 trillion from statutory revenue and N756.587 billion from Value Added Tax (VAT).
Of the total amount, the Federal Government received N832.242 billion, while state governments received N799.872 billion. Local government councils received N560.660 billion, while N236.049 billion was allocated to benefiting states as 13 per cent derivation revenue from mineral resources.
The communiqué stated that total gross revenue of N3.913 trillion was available in September. However, N131.758 billion was deducted as the cost of collection, while N1.352 trillion went to transfers, refunds and savings.
Gross statutory revenue stood at N3.096 trillion, representing an increase of N246.384 billion from the N2.850 trillion recorded in August 2026.
In contrast, gross VAT revenue declined to N816.872 billion in September from N834.843 billion in August, representing a decrease of N17.972 billion.
A breakdown of the statutory revenue allocation showed that the Federal Government received N756.583 billion, state governments got N383.749 billion, while local government councils received N295.855 billion. Benefiting states also received N236.049 billion as derivation revenue.
From the N756.587 billion distributable VAT revenue, the Federal Government received N75.659 billion, state governments got N416.123 billion, and local government councils received N264.805 billion.
The communiqué further indicated that Petroleum Profit Tax, Hydrocarbon Tax, petroleum royalties, import duty, Common External Tariff levies and excise duty recorded significant increases in September.
However, Companies Income Tax, Capital Gains Tax and Stamp Duties, VAT, mineral royalties, gas-flaring penalties, rental gas-flaring fees and miscellaneous oil revenue declined considerably.
