The Federal Government, states and local government councils have shared N2.338 trillion in revenue for August 2026, following a sharp drop in statutory earnings during the month.
The figure was disclosed in a statement issued on Thursday by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa and made available to The News Chronicle.
The revenue was shared at the September meeting of the Federation Account Allocation Committee held in Abuja.
The N2.338 trillion total distributable revenue comprised N1.565 trillion in statutory revenue and N773.233 billion from Value Added Tax.
According to the statement, the Federation Account recorded a gross revenue of N3.685 trillion in August. Of this amount, N125.142 billion was deducted as the cost of collection, while N1.221 trillion was transferred, refunded or saved, leaving N2.338 trillion for distribution.
Statutory revenue recorded a significant decline during the month, dropping to N2.850 trillion from N4.359 trillion in July. This represents a decrease of N1.508 trillion.
VAT revenue, however, increased during the period, rising from N793.968 billion in July to N834.843 billion in August, an increase of N40.875 billion.
Of the N2.338 trillion shared, the Federal Government received N804.897 billion, while the state governments received N794.313 billion.
Local government councils received N555.142 billion, while N184.388 billion was shared among the benefiting states as the 13 per cent derivation revenue from mineral resources.
A breakdown of the N1.565 trillion statutory revenue showed that the Federal Government received N727.573 billion, while states and local governments received N369.035 billion and N284.511 billion respectively.
The benefiting states also received N184.388 billion as derivation revenue.
From the N773.233 billion VAT pool, the Federal Government received N77.323 billion, states received N425.278 billion, while local governments received N270.632 billion.
The committee said the revenue performance reflected mixed movements across the various revenue sources in August.
Petroleum Profit Tax, Hydrocarbon Tax, VAT, Customs and Excise-related revenues recorded significant increases during the month.
On the other hand, Companies Income Tax, Capital Gains Tax, Stamp Duty Tax, Petroleum Royalties, Mineral Royalties, Gas Flared Penalty, Import Duty, Rental Gas Flared Fee and Miscellaneous Oil Revenue recorded declines.
