The FAAC allocation to federal, state, and local governments rose by N90bn to N2.43tn in October, driven by a rebound in oil revenue and taxes. Read More: https://punchng.com/faac-allocation-rises-to-n2-43tn-as-oil-revenue-rebounds/
The Federal Government, 36 states, and 774 local government councils in Nigeria allocated N2.428tn from the Federation Account in October 2026, marking a 3.85 per cent increase from N2.338tn distributed in September. This rise was attributed to a recovery in statutory revenue, driven by improved petroleum-related taxes, royalties, and import duties, despite a dip in Value Added Tax collections.
The allocation, which reflects the revenue generated in September, was approved during the Federation Account Allocation Committee's meeting in Abuja on Thursday.
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