Nigeria generated N3.91 trillion in federation revenue in September, but only N2.43 trillion was shared among the Federal Government, states and local government councils after deductions, transfers, refunds and savings.
The figures, released after the October meeting of the Federation Account Allocation Committee (FAAC) in Abuja, showed that N1.48 trillion was accounted for by collection costs, transfers, refunds and savings before the distribution.
The Federal Government received N832.242 billion from the N2.428 trillion distributable revenue, while the 36 states shared N799.872 billion.
Local government councils received N560.660 billion, while oil-producing states were allocated N236.049 billion as their 13 per cent derivation revenue.
The distributable funds came from statutory revenue of N1.672 trillion and Value Added Tax (VAT) of N756.587 billion.
A breakdown of the figures showed contrasting performances by the two major revenue sources, with statutory revenue increasing while VAT receipts declined.
Gross statutory revenue rose to N3.096 trillion in September from N2.850 trillion in August, representing an increase of N246.384 billion.
In contrast, gross VAT revenue dropped to N816.872 billion from N834.843 billion in August, a decline of N17.972 billion.
From the statutory revenue pool, the Federal Government received N756.583 billion, while the states shared N383.749 billion.
Local government councils received N295.855 billion, while oil-producing states received N236.049 billion as derivation revenue.
The VAT allocation gave the Federal Government N75.659 billion, the states N416.123 billion and local government councils N264.805 billion.
The communiqué also recorded increases in receipts from Petroleum Profit Tax, Hydrocarbon Tax, petroleum royalties, import duty, Common External Tariff levies and excise duty.
However, revenue from Companies Income Tax, Capital Gains Tax, Stamp Duties, VAT, mineral royalties, gas-flaring penalties, gas-flaring fees and miscellaneous oil revenue declined.
The figures underscore the uneven performance of Nigeria’s major revenue streams, even as the three tiers of government depend on monthly FAAC allocations to finance public services and meet their financial obligations.