Mineral revenue rises by N427.7bn as non-oil receipts fall 14%
The Federation Account Allocation Committee (FAAC) has reported a N427.7 billion increase in mineral revenue in September, despite a 14 per cent decline in non-mineral receipts.
According to a report by TheCable, the figures are contained in a proposed communique issued by FAAC’s Technical Sub-Committee in October, dated October 15 and signed by Shamseldeen Ogunjimi, Accountant-General of the Federation.
The communique showed that mineral revenue rose by 28.9 per cent to N1.92 trillion in September from N1.49 trillion recorded in August.
In contrast, non-mineral revenue fell to N1.17 trillion from N1.36 trillion in the preceding month.
Despite the decline in non-mineral receipts, total statutory revenue increased by N246.38 billion to N3.09 trillion in September, compared with N2.85 trillion in August.
FAAC attributed the growth to increased receipts from petroleum profit tax and hydrocarbon tax, petroleum royalties, import duty, Common External Tariff levies and excise duty.
However, the committee reported declines in collections from companies income tax, capital gains tax, stamp duties, value added tax, mineral royalties, gas flaring penalties, rental, gas flaring fees and miscellaneous oil revenue.
The September statutory revenue figure nevertheless remained below the N4.69 trillion benchmark set in the 2026 budget.
The communique showed that N1.67 trillion was available for distribution as net statutory revenue, while N756.58 billion was available from value added tax (VAT), bringing the combined amount to about N2.42 trillion.
VAT revenue drops to N816.87bn
According to the report, gross VAT revenue declined by N17.97 billion to N816.87 billion in September from N834.84 billion in August.
After deductions, N756.59 billion was available for distribution among the three tiers of government.
