Updating your news feed...
NEWS EXPRESS is Nigeria’s leading online newspaper. Published by Africa’s international award-winning journalist, Mr. Isaac Umunna, NEWS EXPRESS is Nigeria’s first truly professional online daily newspaper. It is published from Lagos, Nigeria’s economic and media hub, and has a provision for occasional special print editions. Thanks to our vast network of sources and dedicated team of professional journalists and contributors spread across Nigeria and overseas, NEWS EXPRESS has become synonymous with newsbreaks and exclusive stories from around the world.
.webp)
.webp)
By ADEOLA AKINBOBOLA
The Federal Account Committee (FAAC) has shared N2.338 trillion to the Federal Government, states and the Local Government Councils for the month of August, 2026.
Bawa Mokwa, Director Press and Public Relations in the Office Accountant-General of 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 distributable statutory revenue of N1.565 trillion and distributable Value Added Tax (VAT) revenue of N773.233 billion.
The director said a communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N3.685 trillion was available in the month of August 2026.
According to him, a total deduction for cost of collection was N125.142 billion while total transfers, refunds and savings was N1.221 trillion.
He added that gross statutory revenue of N2.850 trillion was received for the month of August which was lower than the sum of N4.359 trillion received in the preceding month by N1.508 trillion.
“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.
“From the N2.338 trillion total distributable revenue, the Federal Government received total sum of N804.897 billion and the State Governments received total sum of N794.313 billion.
“The Local Government Councils received N555.142 billion, while the sum of N184.388 billion (13 per cent of mineral revenue) was shared to the benefiting state as derivation revenue” Mokwa quoted the communique.
On the N1.565 billion distributable statutory revenue, Mokwa said the Federal Government received N727.573 billion and the State Governments received N369.035 billion, while the Local Government Councils received N284.511 billion
He said the sum of N184.388 billion (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 Value Added Tax (VAT) revenue, the Federal Government received N77.323 billion, the State Governments received N425.278 billion and the Local Government Councils received N270.632 billion.
According to him, in August, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Value Added Tax (VTA), CET Levies and Excise Duty increased significantly.
He said Companies Income Tax (CIT), CGT, SDT, Petroleum Royalties, Mineral Royalties, and Gas Flared Penalty Import Duty, Rental Gas Flared Fee and Misc Oil Revenue decreased considerably. (NAN)
