The Federal Government, state governments and local government councils have shared a total of N2.338 trillion from the August 2026 Federation Account revenue.
The distribution was announced following the September meeting of the Federation Account Allocation Committee, FAAC, held in Abuja.
The Director of Press and Public Relations at the Office of the Accountant General of the Federation, Bawa Mokwa, disclosed the figures in a statement issued on Thursday.
The N2.338 trillion distributable revenue comprised N1.565 trillion in statutory revenue and N773.233 billion from Value Added Tax, VAT.
A total gross revenue of N3.685 trillion was generated in August. From the amount, N125.142 billion was deducted as the cost of collection, while N1.221 trillion was transferred, refunded or saved.
Gross statutory revenue stood at N2.850 trillion during the month, representing a decline of N1.508 trillion from the N4.359 trillion recorded in July.
VAT revenue, however, increased from N793.968 billion in July to N834.843 billion in August, representing a rise of N40.875 billion.
From the total distributable revenue, the Federal Government received N804.897 billion, while state governments received N794.313 billion.
Local government councils received N555.142 billion, while N184.388 billion, representing 13 percent of mineral revenue, was allocated to benefiting states as derivation revenue.
From the N1.565 trillion statutory revenue, the Federal Government received N727.573 billion, states received N369.035 billion and local governments received N284.511 billion.
The benefiting states also received N184.388 billion as derivation revenue from the statutory allocation.
From the N773.233 billion VAT revenue, the Federal Government received N77.323 billion, state governments received N425.278 billion and local government councils received N270.632 billion.
The FAAC communiqué further stated that Petroleum Profit Tax, Hydrocarbon Tax, VAT, Customs and Excise Duty recorded significant increases in August.
However, Companies Income Tax, Capital Gains Tax, Stamp Duty Tax, Petroleum Royalties, Mineral Royalties, Gas Flared Penalty, Import Duty, Rental Gas Flared Fee and Miscellaneous Oil Revenue recorded notable declines during the period.
