Politics
FAAC Shares N2.338tn To FG, States, LGs In August
The Federation Account Allocation Committee (FAAC) shared N2.338 trillion among the federal government, states and local government councils from the N3.685 trillion gross revenue generated in August 2026.
This was announced in a statement signed by the Head of Information and Public Relations of the Federal Ministry of Financ, Efe Ovuakporie.
Key Highlights:
FAAC shared N2.338tn among FG, states and LGs in August.
FG received N804.9bn, states N794.3bn, and LGs N555.1bn.
Oil-producing states got N184.4bn in derivation revenue.
VAT revenue rose to N834.8bn.
Statutory revenue fell by N1.509tn from the previous month.
The statement said the allocation followed the September 2026 FAAC meeting chaired by the Accountant-General of the Federation, Shamseeldeen Ogunjimi.
Of the total distributable revenue, the federal government received N804.897 billion, states received N794.313 billion, while the local government councils got N555.142 billion.
Also, mneral-producing states also received N184.388 billion as 13 percent derivation revenue.
Read also:
The statement added that N125.142 billion was deducted as the cost of collection, while N1.221 trillion was allocated for transfers, interventions and refunds.
Gross VAT revenue for August stood at N834.843 billion, up by N40.875 billion from the previous month. After deductions for collection costs, transfers, interventions and refunds, N733.233 billion was distributed among the three tiers.
Statutory revenue stood at N2.850 trillion, representing a decrease of N1.509 trillion from the N4.359 trillion recorded in the preceding month.
The committee said revenue from Petroleum Profit Tax, Hydrocarbon Tax, VAT, Customs and Excise Duties increased during the period, while Companies Income Tax/Capital Gains Tax, Stamp Duty, petroleum and mineral royalties, among others, recorded declines.
“Any Algorithm Can Calculate, But It Cannot Care” — NMCN Registrar Warns Nurses Against Overreliance On AI
“I Didn’t Go To Court, I’m Not In APC” — Wike Denies Influencing Judgment Against Uzodimma, Explains Old Video With Okorocha
RE: RESPONSE TO MISLEADING PUBLICATION ON THE PRESIDENTIAL AMNESTY PROGRAMME (PAP)
‘He’s closest to Lionel Messi’ – Rashford names player to win more Ballons d’Or than Cristiano Ronaldo
Power Outage: Tegbe assures Nigerians of swift restoration as electricity disruptions hit Lagos, Abuja
2027: ‘Peter Obi’s Logic Is Short-Term Turnover Unlike Tinubu Who Thinks Of Next Generation’ – Oshiomhole
“Not To Own It, But To Give It Another Chance At Life” — Foreigner Rescues Sea Turtle From Lagos Sellers As NESREA Faces Enforcement Questions
‘Politics is expensive everywhere’ – Wike replies critics over high billboard cost in Abuja
Investigate hijab controversy in Nigerian law schools immediately- MURIC to Council of Legal Education
Jesus de Miguel’s death: ‘He’d never intentionally hurt anyone’ – Owono’s team-mate defends goalkeeper
Remain steadfast in your commitment to Benue - Gov Alia tells deputy, Ode on 58th birthday
Remain steadfast in your commitment to Benue - Gov Alia tells deputy, Ode on 58th birthday
‘Where’s N15.8 trillion saved from fuel removal, $100 billion you borrowed’ – Peter Obi asks Tinubu
‘Where’s N15.8 trillion saved from fuel removal, $100 billion you borrowed’ – Peter Obi asks Tinubu
Buhari told me not to campaign, promised me APC presidential ticket in 2022 – Amaechi
Delta CDHR, police arrest man over alleged serial defilement of 10-year-old daughter
FLAMINGOS CAPTAIN CHIDI VOWS TO MAKE NIGERIA PROUD IN U-17 WORLD CUP FINAL
Obi Challenges Tinubu To Account For $100bn Loans, ₦15.8trn Fuel Subsidy Savings
Police rescue 17 children from drug abuse, arrest two suppliers in Bauchi
Nigerian Navy inaugurates solar powered borehole in Anambra
Politics7 days agoOver 200 Boko Haram Terrorists Are Moving To Attack Military Camp In Buni Yadi As Rockets Target Troops; IED Threat Raises Travel Concerns
- Metro6 days ago
“Publishing His Name Is Subject To The Final Outcome Of A Court Order” — INEC Leaves Gwarzo Off Updated Kano Governorship List
- Metro7 days ago
“The Election Must Hold As Scheduled” — INEC Chairman Rules Out Postponement Of 2027 General Elections
- Metro7 days ago
“Ebola Outbreak Is Not Yet Under Control” — Africa CDC Warns As Confirmed Cases Exceed 10,200, Death Toll Surpasses 5,000
- Metro7 days ago
“Death Benefits Will Be Fully Paid To Next Of Kin” — NAF Pledges Continued Salaries For Personnel Killed In October 5 Aircraft Crash
- Metro7 days ago
“Sowore’s Whereabouts Remain Unknown” — Armed Men Allegedly Abduct AAC Presidential Candidate In Ado-Ekiti, Damage Vehicles And Restaurant
- Metro6 days ago
“They Beat Me Like A Criminal” — Sowore Recounts Ekiti Attack As Govt Denies Involvement, Calls For Police Investigation
- Metro6 days ago
“21 Exotic Vehicles Affected, No Life Lost” — LASEMA Confirms Lagos Mechanic Workshop Fire, Averts Disaster At Nearby Filling Station
