Barbara Bako, Abuja.
The Federation Account Allocation Committee (FAAC) shared N2.338 trillion to the Federal Government, states and local government councils for August 2026 after a sharp N1.508 trillion decline in statutory revenue compared to the previous month.
The distribution, approved at the September 2026 FAAC meeting in Abuja, comes as gross statutory revenue fell from N4.359 trillion in July to N2.850 trillion in August, despite an increase in Value Added Tax (VAT) collections.
the N2.338 trillion allocation, the Federal Government received N804.897 billion, state governments got N794.313 billion, the 774 local government councils received N555.142 billion, while oil-producing states received N184.388 billion as 13 per cent derivation revenue.
FAAC said the N2.338 trillion distributable revenue comprised N1.565 trillion in statutory revenue and N773.233 billion from VAT, out of a gross revenue of N3.685 trillion for August after N125.142 billion was deducted for collection costs and N1.221 trillion set aside for transfers, refunds and savings.
The committee attributed the month’s revenue performance to stronger inflows from Petroleum Profit Tax, Hydrocarbon Tax, VAT, CET levies and Excise Duty, while collections from Companies Income Tax, petroleum royalties, import duty and several other revenue sources recorded significant declines.
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