The Federation Account Allocation Committee has distributed N2.338 trillion to the federal, state and local governments as revenue allocation for August 2026.
The allocation was approved at FAAC’s September meeting chaired by the Accountant-General of the Federation, Shamseeldeen Ogunjimi.
According to figures released after the meeting, the Federal Government received N804.897 billion, the 36 states received N794.313 billion, while the 774 local government councils received N555.142 billion.
Oil-producing states also shared N184.388 billion as 13 per cent derivation revenue from mineral resources.
FAAC said N125.142 billion was deducted as cost of collection, while N1.221 trillion was allocated for transfers, intervention and refunds.
Gross Value Added Tax revenue for August stood at N834.843 billion, up from N793.968 billion in the preceding month, representing an increase of N40.875 billion.
After statutory deductions, N733.233 billion in VAT revenue was available for distribution.
From that amount, the Federal Government received N77.323 billion, states received N425.278 billion and local governments received N270.632 billion.
Gross statutory revenue for August stood at N2.850 trillion, compared with N4.359 trillion in the previous month, a decline of N1.509 trillion.
After deductions for collection costs and other transfers, N1.565 trillion in statutory revenue was available for distribution.
The Federal Government received N727.573 billion from that pool, states received N369.035 billion and local governments received N284.511 billion.
FAAC said revenues from Petroleum Profit Tax, Hydrocarbon Tax, VAT, Customs and Excise Duties and related levies increased during the month.
However, Companies Income Tax and Capital Gains Tax, Stamp Duties, petroleum royalties, mineral royalties, gas-flaring penalties, import duty, rental income and some miscellaneous oil revenues recorded declines.
The total distributable revenue for August was drawn from N1.565 trillion in statutory revenue and N773.233 billion in VAT proceeds, bringing the overall amount shared to N2.338 trillion.
