FAAC Shares N2.338trn Among FG, States, LGs for August

By Our Correspondent

The Federal Account Allocation Committee (FAAC) has shared N2.338 trillion to the Federal Government, states and Local Government Councils for the month of August 2026.

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

Mokwa said the revenue was shared at the September 2026 Federation Account Allocation Committee (FAAC) meeting held recently in Abuja.

He said the N2.338 trillion total distributable revenue comprised N1.565 trillion in distributable statutory revenue and N773.233 billion in distributable Value Added Tax (VAT) revenue.
According to him, a communiqué issued by FAAC indicated that total gross revenue of N3.685 trillion was available in August 2026.

He said a total deduction of N125.142 billion was made for the cost of collection, while total transfers, refunds and savings amounted to N1.221 trillion.
Mokwa added that gross statutory revenue of N2.850 trillion was received in August, representing a decrease of N1.508 trillion from the N4.359 trillion received in the preceding month.

He said, “Gross revenue of N834.843 billion was available from the Value Added Tax (VAT) in August 2026.
“This was higher than the N793.968 billion available in the month of July 2026 by N40.875 billion.”

Mokwa said that from the N2.338 trillion total distributable revenue, the Federal Government received N804.897 billion, while the State Governments received N794.313 billion.

The Local Government Councils received N555.142 billion, while N184.388 billion, representing 13 per cent of mineral revenue, was shared to the benefiting states as derivation revenue.

On the N1.565 trillion distributable statutory revenue, Mokwa said the Federal Government received N727.573 billion, State Governments received N369.035 billion, while Local Government Councils received N284.511 billion.

He added that N184.388 billion, representing 13 per cent of mineral revenue, was shared to the benefiting states as derivation revenue.

Mokwa also disclosed that from the N773.233 billion distributable VAT revenue, the Federal Government received N77.323 billion, State Governments received N425.278 billion, while Local Government Councils received N270.632 billion.

According to him, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Value Added Tax (VAT), CET Levies and Excise Duty increased significantly in August.

He said Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duty Tax (SDT), Petroleum Royalties, Mineral Royalties, Gas Flared Penalty, Import Duty, Rental Gas Flared Fee and Miscellaneous Oil Revenue, however, decreased considerably.