Nigeria’s Federation Account Allocation Committee (FAAC) distributed ₦2.103 trillion ($1.3 billion) in September revenue to the federal, state, and local governments, marking one of the highest monthly allocations this year, the Accountant-General’s office said on Friday.
The total shared amount included ₦1.239 trillion from statutory revenue, ₦812.59 billion from Value Added Tax (VAT), and ₦51.68 billion from the Electronic Money Transfer Levy (EMTL), according to a communiqué released after FAAC’s October meeting in Abuja.
Of the total, the federal government received ₦711.31 billion, states ₦727.17 billion, and local governments ₦529.95 billion. Oil-producing states were allocated ₦134.96 billion as 13% derivation from mineral revenue.
The September disbursement rose 16% from ₦1.813 trillion in August and 22% from ₦1.728 trillion in July, extending a four-month trend of revenue growth driven by improved VAT collections, higher electronic transaction levies, and moderate oil price recovery.
Gross revenue for the month stood at ₦3.054 trillion, up from ₦2.838 trillion in August. After deductions of ₦116.15 billion for collection costs and ₦835 billion for statutory transfers and savings, ₦2.103 trillion remained for sharing among the three tiers of government.
Statutory revenue declined to ₦2.128 trillion in September from ₦2.838 trillion in August, while VAT collections rose to ₦872.63 billion from ₦722.62 billion. FAAC said receipts from import duty, VAT, and EMTL showed strong performance, though Companies Income Tax, Petroleum Profit Tax, and excise duties recorded declines amid weaker oil output.
FAAC distributes revenue from Nigeria’s central pool of federally collected funds — including oil sales, taxes, and duties — among the federal, state, and local governments based on a statutory formula.