FAAC allocation rises to N2.43tn as oil revenue rebounds
The FAAC allocation to federal, state, and local governments rose by N90bn to N2.428tn 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-2/
In October 2026, the Federal Government, 36 states and 774 local government councils received N2.428tn from the Federation Account, marking a 3.85 per cent increase from the N2.338tn distributed in September. The rise in allocation was attributed to a recovery in statutory revenue, driven by higher revenues from petroleum-related taxes, royalties and import duties, despite a decrease in Value Added Tax collections.
The allocation was approved during the Federation Account Allocation Committee's meeting in Abuja. The latest distribution represents revenue generated in September and is disclosed by the Office of the Accountant-General of the Federation in a statement.
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