FAAC allocation rises to N2.43tn as oil revenue rebounds

The Federal Government, 36 states, and 774 local government councils shared N2.428tn from the Federation Account in October 2026, marking a 3.85 per cent increase from the N2.338tn allocated in September. This rise in allocation was attributed to a recovery in statutory revenue, driven by improved receipts from petroleum-related taxes, royalties, and import duties, despite a decline in Value Added Tax collections.

The allocation, approved at the October meeting of the Federation Account Allocation Committee, comes despite the FAAC distributions remaining N579bn, or 19.3 per cent, below the August peak.

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