FAAC allocation drops 22% to N2.34trn in August
The Federation Account Allocation Committee shared N2.34trn among federal, state, and local governments in August, a 22.2% drop from the previous month. Read More: https://punchng.com/faac-allocation-drops-22-to-n2-34trn-in-august/
The Federal Government, states and local government councils collectively received N2.338tn at the Federation Account Allocation Committee meeting on August 2026, marking a significant 22.2% decrease from the previous month's record N3.007tn allocation. The reduction amounted to N669bn compared to the N3.007tn distributed in the previous August, according to the Accountant-General of the Federation's office.
This decline resulted from a sharp drop in gross statutory revenue, which fell by N1.508tn, or 34.6%, to N2.850tn in August 2026 from N4.359tn in July. Despite this, Value Added Tax collections continued to grow, rising by N40.88bn in August, leading to a 5.1% increase in gross VAT revenue to N834.843bn.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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