By Onu Okorie

Federal Government, states and local government councils have shared a total of N2.338 trillion as Federation Account revenue for August 2026.
The figure was disclosed on Thursday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa.
The revenue was shared at the September 2026 meeting of the Federation Account Allocation Committee (FAAC), held in Abuja.
According to the communiqué issued at the meeting, the N2.338 trillion distributable revenue comprised N1.565 trillion in statutory revenue and N773.233 billion from Value Added Tax (VAT).
The committee said total gross revenue of N3.685 trillion was available for distribution in August. Of the amount, N125.142 billion was deducted as cost of collection, while N1.221 trillion was transferred, refunded or saved.
The communiqué further disclosed that gross statutory revenue stood at N2.850 trillion in August, representing a decrease of N1.508 trillion from the N4.359 trillion recorded in July.
In contrast, gross revenue from VAT increased to N834.843 billion in August from N793.968 billion in July, representing an increase of N40.875 billion.
Of the total distributable revenue of N2.338 trillion, the Federal Government received N804.897 billion, while the 36 states and the Federal Capital Territory received N794.313 billion. Local government councils received N555.142 billion.
In addition, N184.388 billion, representing 13 per cent derivation revenue from mineral resources, was shared among benefiting states.
A breakdown of the N1.565 trillion distributable statutory revenue showed that the Federal Government received N727.573 billion, states received N369.035 billion, while local government councils received N284.511 billion. The benefiting states also received N184.388 billion as derivation revenue.
Similarly, from the N773.233 billion distributable VAT revenue, the Federal Government received N77.323 billion, states received N425.278 billion and local government councils received N270.632 billion.
The committee attributed the changes in revenue performance during the month to movements across various revenue sources.
It said Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Value Added Tax, Customs and Excise-related revenues, including CET levies and excise duty, recorded significant increases.
However, Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duty Tax (SDT), petroleum royalties, mineral royalties, gas-flaring penalties, import duty, rental gas-flaring fees and miscellaneous oil revenue recorded considerable declines during the period.