The Federal Government, state governments, and local government councils received N2.338 trillion in money from the Federation Account Allocation Committee in August 2026.Following the September 2026 FAAC meeting in Abuja, Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, revealed the figure in a statement on Thursday.Statutory revenue of N1.565 trillion and Value Added Tax of N773.233 billion made up the total distributable revenue.According to the announcement, gross revenue for August was N3.685 trillion. However, N1.221 trillion was recorded as transfers, refunds, and savings, while N125.142 billion was subtracted as the cost of tax collection.
The numbers show that gross statutory revenue was N2.850 trillion in August, down N1.508 trillion from N4.359 trillion in July.On the other hand, VAT revenue rose throughout that time. In August, there was N834.843 billion available from VAT, up N40.875 billion from N793.968 billion in July.State governments earned N794.313 billion from the N2.338 trillion split, while the federal government received N804.897 billion.While N184.388 billion, or 13% of mineral revenue, was given to beneficiary states as derivation revenue, local government councils received N555.142 billion.
According to a breakdown of the N1.565 trillion in statutory revenue, states received N369.035 billion and the federal government received N727.573 billion.The benefited states earned N184.388 billion in derivation money, while local governments received N284.511 billion.The federal government earned N77.323 billion, state governments received N425.278 billion, and local government councils received N270.632 billion from the N773.233 billion VAT pool.Changes in a number of revenue streams were also noted in the communiqué.During the month, there were notable increases in Petroleum Profit Tax, Hydrocarbon Tax, VAT, Customs and Excise Tariff charges, and Excise Duty.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, on the other hand, all saw significant decreases.
