October 2026 FAAC Allocation Increases to N2.43tn

In October 2026, the Federation Account Allocation Committee approved the distribution of N2.428tn from the Federation Account, marking a N90bn increase, or 3.85 percent, from the N2.338tn allocated in September. This increase is linked to a recovery in statutory revenue, bolstered by enhanced receipts from petroleum-related taxes, royalties, and import duties, despite a decrease in Value Added Tax (VAT) collections.

The allocation, representing revenue generated in September, was disclosed by Bawa Mokwa, the Director of Press and Public Relations in the Office of the Accountant-General of the Federation. The October allocation remains N579bn, or 19.3 percent, below the record N3.007tn shared in August 2026.

Gross statutory revenue rose by N246.384bn, or approximately 8.6 percent, to N3.096tn in September from N2.850tn in August. However, gross VAT collections fell by N17.972bn, or 2.2 percent, to N816.872bn in September.