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/
The Federal Government, the 36 states and 774 local government councils in Nigeria shared a total of N2.428 trillion from the Federation Account in October 2026, marking a 3.85% increase from the N2.338 trillion allocated in September. This rise in allocation came as a result of improved statutory revenue, driven by higher petroleum-related taxes, royalties and import duties, despite a drop in Value Added Tax (VAT) collections. The Federal Account Allocation Committee (FAAC) approved the allocation during a meeting in Abuja.
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