FG, states, LGs share N2.43trn September revenue

From Adanna Nnamani, Abuja

The Federal Government, states and local government councils have shared N2.428 trillion as revenue accrued to the Federation Account in September 2026.

The allocation was announced in a communiqué issued after the October 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).

A breakdown of the allocation showed that the Federal Government received N832.242 billion, while the state governments got N799.872 billion. The local government councils received N560.660 billion, while N236.049 billion was shared among 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 into transfers, refunds and savings.

Gross statutory revenue stood at N3.096 trillion, representing an increase of N246.384 billion compared with the N2.850 trillion recorded in August.

In contrast, gross VAT revenue declined to N816.872 billion from N834.843 billion in the preceding month, representing a decrease of N17.972 billion.

A breakdown of the statutory revenue allocation showed that the Federal Government received N756.583 billion, while the states got N383.749 billion. Local government councils received N295.855 billion, with N236.049 billion allocated to benefiting states as derivation revenue.

From the N756.587 billion distributable VAT revenue, the Federal Government received N75.659 billion, the states got N416.123 billion, while local government councils received N264.805 billion.

The communiqué further indicated that revenue from Petroleum Profit Tax, Hydrocarbon Tax, petroleum royalties, import duty, Common External Tariff levies and excise duty recorded significant increases in September.

However, receipts from Companies Income Tax, Capital Gains Tax and Stamp Duties, VAT, mineral royalties, gas-flaring penalties, rental gas-flaring fees and miscellaneous oil revenue declined during the period.

The post FG, states, LGs share N2.43trn September revenue appeared first on The Sun Nigeria.