Nigeria Records ₦427.7bn Rise in Mineral Revenue as Earnings Hit ₦1.92tn

Nigeria’s mineral revenue rose by ₦427.7 billion in September 2026, reaching ₦1.92 trillion from ₦1.49 trillion in August, according to figures released by the Federation Account Allocation Committee (FAAC).

The 28.9 per cent increase came as non-mineral revenue fell by 14 per cent, from ₦1.36 trillion to ₦1.17 trillion. Despite the decline in other receipts, total statutory revenue grew by ₦246.38 billion, rising from ₦2.85 trillion in August to ₦3.09 trillion in September.

A proposed communique from FAAC’s technical sub-committee, dated October 15 and signed by the Accountant-General of the Federation, Shamseldeen Ogunjimi, attributed the increase in statutory revenue to stronger collections from petroleum profit tax or hydrocarbon tax, petroleum royalties, import duty, Common External Tariff levies and excise duty.

However, several other revenue streams recorded considerable declines. These included companies income tax, capital gains tax, stamp duties tax, value added tax, mineral royalties, gas-flaring penalties, rental, gas-flaring fees and miscellaneous oil revenue.

Despite the monthly improvement, statutory revenue remained below the ₦4.69 trillion benchmark in the 2026 budget.

The report put net statutory revenue available for distribution at ₦1.67 trillion. Distributable value added tax (VAT) revenue stood at ₦756.58 billion, bringing the combined amount to approximately ₦2.42 trillion.

Gross VAT receipts fell by ₦17.97 billion, from ₦834.84 billion in August to ₦816.87 billion in September. After deductions, ₦756.59 billion was available for distribution among the three tiers of government.

State governments received ₦416.12 billion, representing 55 per cent of the distributable VAT revenue, while local government councils received ₦264.81 billion, or 35 per cent. The federal government received ₦75.66 billion, representing 10 per cent.

The September figures show that stronger mineral earnings helped lift statutory revenue, even as collections from several other sources weakened. With total statutory revenue still below the budget benchmark, improving performance across the wider revenue base remains important to the country's fiscal outlook.