Nigeria’s revenue improves as FAAC allocation increases to N2.43tn

Nigeria’s gross statutory revenue moved to N3.09tn in September as against N2.850tn in August representing an increase of N246.384bn or 8.6 percent.

According to the Federation Account Allocation Committee (FAAC), the increase was due to recovery in statutory revenue backed by improved receipts from petroleum-related taxes, royalties and import duties despite a decline in Value Added Tax collections.

As a result of the increase, the Federal Government, 36 States and 774 local government councils shared N2.428tn from the Federation Account in October 2026.

The FAAC allocation for October represented an increase of N90bn or 3.85 per cent from the N2.338tn distributed in September.

The allocation, which represents revenue generated in September, was approved at the October meeting of the Federation Account Allocation Committee held in Abuja.

A statement on Thursday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa, reads: “A total sum of N2.428tn, being September 2026 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.

“According to the communiqué, gross statutory revenue of N3.096tn was received for the month of September 2026. This was higher than the sum of N2.850tn received in the preceding month by N246.384bn.’’

A breakdown of the October allocation showed that the Federal Government received N832.242bn, compared with N804.897bn in September, representing an increase of N27.345bn.

The 36 state governments received N799.872bn, a move up by N5.559bn from N794.313bn in the previous month.