Nigeria Shares N2.428trn September Revenue as Statutory Earnings Rise
The three tiers of government in Nigeria have received a combined N2.428 trillion from the Federation Account as revenue allocation for September 2026, following an increase in statutory revenue.
The Federal Ministry of Finance disclosed this in a statement following the October meeting of the Federation Account Allocation Committee (FAAC), chaired by the Accountant-General of the Federation, Shamsudeen B. Ogunjimi.
The allocation was made from a gross revenue of N3.913 trillion.
According to the breakdown, the Federal Government received N832.242 billion, state governments got N799.872 billion, and local government councils received N560.660 billion.
Oil-producing states also received N236.049 billion, representing their 13 per cent derivation revenue from mineral resources.
The committee allocated N131.758 billion for the cost of collection, while N1.353 trillion was set aside for transfers, refunds and savings.
Statutory Revenue Records N246bn Increase
The communiqué showed that gross statutory revenue increased to N3.097 trillion in September 2026 from N2.850 trillion in the previous month.
This represents an increase of N246.384 billion.
However, not all revenue sources recorded growth during the period.
Petroleum Profit Tax, Hydrocarbon Tax, petroleum royalties, import duty, Common External Tariff levies and excise duty recorded significant increases.
On the other hand, Companies Income Tax, Stamp Duty Tax, Value Added Tax, mineral royalties, gas-flaring penalties, rental income, gas-flaring fees and miscellaneous oil revenue declined.
From the statutory revenue, N106.182 billion was allocated for the cost of collection, while N1.316 trillion was earmarked for transfers, refunds and savings.
The remaining N1.672 trillion was shared among the Federal Government, state governments, local government councils and oil-producing states.
The Federal Government received N756.583 billion, state governments got N383.749 billion, and local government councils were allocated N295.855 billion. Oil-producing states received N236.049 billion as derivation revenue.
VAT Revenue Falls by N17.972bn
Meanwhile, VAT revenue available for distribution declined to N816.872 billion in September from N834.843 billion in the preceding month.
The decrease amounted to N17.972 billion.
The committee deducted N23.576 billion for the cost of collection and allocated N36.709 billion for transfers, refunds and savings.
The remaining N756.587 billion was distributed among the three tiers of government.
Under the VAT allocation, the Federal Government received N75.659 billion, state governments got N416.123 billion, while local government councils received N264.805 billion.
The total distributable revenue for September 2026 was put at N2.428823 trillion, comprising N1.672238 trillion in statutory revenue and N756.587 billion from VAT.
