FAAC: FG, states, LGs share N2.3trn For Month Of August

The federal account committee (FAAC) says N2.33 trillion was shared among the federal government, states, and local government councils (LGCs) for the month of August.

The N2.33 trillion represents a 22.3 percent decline from the N3 trillion shared in July.

According to a statement on Thursday by Bawa Mokwa, director press and public relations of the office accountant-general of federation (OAGF), the revenue was shared at the September meeting held in Abuja.

The FAAC said the N2.33 trillion total distributable revenue comprised distributable statutory revenue of N1.56 trillion and distributable value-added tax (VAT) revenue of N773.23 billion.

The committee said the total gross revenue of N3.68 trillion was available in the month of August 2026, noting that total deduction for cost of collection was N125.14 billion while total transfers, refunds, and savings stood at N1.22 trillion.

FAAC said gross statutory revenue of N2.85 trillion was received for the month of August, lower than the sum of N4.35 trillion received in the preceding month by N1.5 trillion.

“Gross revenue of N834.84 billion was available from the Value Added Tax (VAT) in August 2026,” the statement reads.

“This was higher than the N793.96 billion available in the month of July 2026 by N40.87 billion.”

FAAC said from the N2.33 trillion total distributable revenue, the federal government received a total sum of N804.89 billion, states got N794.31 billion, and local governments received N555.14 billion.

“The sum of N184.388 billion (13 percent of mineral revenue) was shared to the benefiting state as derivation revenue,” FAAC said.

On the N1.56 billion distributable statutory revenue, the committee said the federal government was given N727.57 billion, states received N369.03 billion, while N284.51 billion went to the local governments.

The committee noted that the sum of N184.38 billion was shared to the benefiting states as 13 percent derivation revenue.

In addition, the FAAC said out of N773.23 billion distributable VAT revenue, the federal government received N77.32 billion, states received N425.27 billion, and the local government councils got N270.63 billion.

According to FAAC, in August, petroleum profit tax (PPT), hydrocarbon tax (HT), VAT, common external tariff (CET) levies and excise duty increased significantly.

The committee reported that company income tax (CIT), capital gains tax (CGT), petroleum royalties, mineral royalties, and gas flared penalty, import duty, and rental gas flared fee decreased considerably.