• Inflation drops to 14.63% amid moderation in meals index
•Severe in Imo, Enugu, Niger
Ndubuisi Francis and James Emejo in Abuja
The Federation Account Allocation Committee (FAAC) has disbursed a complete of N2.428 trillion to the federal, state, and native governments, as Federation Revenue grossed N3.913 trillion for the month of September 2026.
FAAC shared the quantity throughout its October assembly in Abuja, yesterday, Director of Press and Public Relations, Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa, stated in a press release.
The N2.428 trillion September allocations surpassed the sum of N2.338 trillion shared within the previous month of August by N90 billion.
That was the Consumer Price Index (CPI), which measures the speed of change in costs of excellent and commodities, declined to 14.63 per cent in September, from 15.39 per cent in August, National Bureau of Statistics (NBS) stated yesterday.
The drop was occasioned by falling meals costs, which helped to reasonable the price of dwelling, though underlying worth pressures confirmed indicators of renewed energy.
According to the CPI report for the month underneath overview, headline inflation fee fell by 6.35 proportion factors, from 20.98 per cent recorded within the corresponding interval of 2025.
However, the aid remained uneven, with the core inflation fee, which excludes farm produce and vitality, rising on a month-on-month foundation, whereas city inflation additionally accelerated throughout the overview interval.
Citing the communique issued on the assembly, Mokwa stated from the N2.428 trillion distributable income, the federal authorities obtained N832.242 billion, state governments obtained N799.872 billion, whereas native authorities councils acquired N560.660 billion.
The sum of N236.049 billion went to grease mineral producing states as 13 per cent derivation income.
The N2.428 trillion whole distributable income for September comprised a distributable statutory income of N1.672 trillion and distributable Value Added Tax (VAT) income of N756.587 billion.
Although gross income was N3.913 trillion within the month of September, whole deductions for price of assortment stood at N131.758 billion, whereas whole transfers, refunds, and financial savings accounted for N1.352 trillion.
According to the communique, gross statutory income of N3.096 trillion was obtained for the month of September 2026, an quantity increased than the sum of N2.850 trillion obtained within the previous month by N246.384 billion.
Value Added Tax (VAT) additionally posted a gross income of N816.872 billion in September, N17.972 billion, an quantity lower than the N834.843 billion recorded within the month of August 2026.
However, from the N816.872 billion gross VAT income, distributable VAT income was N756.587 billion from which the federal authorities obtained N75.659 billion, state governments acquired N416.123 billion, and native authorities councils obtained N264.805 billion.
According to the figures, state and native authorities councils obtained bigger shares of distributable VAT income, whereas the federal authorities acquired a smaller share.
The communiqué additionally confirmed that gross statutory income rose in September, whereas VAT income declined throughout the interval.
It equally emerged that gross statutory income stood at N3.096 trillion in September, up from N2.850 trillion in August, the N246.384 billion rise reflecting increased income accessible from statutory sources.
Overall, FAAC attributed the modifications in income efficiency to will increase in some tax and petroleum-related income sources, alongside declines in others.
Petroleum Profit Tax (PPT), Hydrocarbon Tax, petroleum royalties, import responsibility, Common External Tariff (CET) levies and excise responsibility recorded vital will increase in September.
But Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties Tax (SDT), VAT, mineral royalties, gas-flaring penalties, rental gas-flaring charges and miscellaneous oil income declined throughout the interval.
Meanwhile, the CPI elevated marginally to 146.38 factors in September from 146.30 factors in August, indicating that the general worth degree continued to edge upwards, regardless of the slower annual inflation fee.
Month-on-month, headline inflation declined sharply to 0.06 per cent in September, in contrast with 0.71 per cent in August, NBS said.
Average costs continued to extend, however at a considerably slower tempo than within the previous month.
Food costs supplied the strongest aid throughout the interval, as meals inflation declined to 19.59 per cent year-on-year in September, from 20.16 per cent in September 2025.
Food inflation turned unfavourable on a month-on-month foundation, falling to -1.55 per cent from 1.02 per cent in August.
NBS attributed the event to modifications within the common costs of a number of meals objects, together with guinea corn flour, white maize flour, native short-grain rice, eggs, contemporary onions, palm oil, contemporary inexperienced beans, Irish potatoes, okra, contemporary tomatoes, dried inexperienced peas and plantain.
The common annual meals inflation fee for the 12 months ending September stood at 15.72 per cent, down from 28.37 per cent within the corresponding interval of 2025.
Despite the moderation, meals inflation remained a significant concern, with vital variations in worth actions throughout states.
Core inflation introduced a much less encouraging image, rising to 1.11 per cent month-on-month in September from -0.06 per cent in August.
Year-on-year, core inflation stood at 12.95 per cent, down from 22.11 per cent in September 2025.
The common annual core inflation fee for the 12 months ending September was 16.54 per cent, in contrast with 25.68 per cent within the corresponding interval of the earlier 12 months.
The divergence between falling meals costs and the acceleration in month-to-month core inflation prompt that the easing in headline inflation was not broad-based throughout all parts of the buyer basket.
Urban inflation additionally remained elevated, standing at 15.64 per cent year-on-year in September, whereas its month-on-month fee elevated to 0.53 per cent from 0.28 per cent in August.
The common annual city inflation fee for the 12 months ending September was 15.90 per cent, considerably under the 28.48 per cent recorded within the corresponding interval of 2025.
Rural inflation stood at 12.46 per cent year-on-year, with the month-to-month fee falling to -0.89 per cent from 1.79 per cent in August.
The common annual rural inflation fee declined to fifteen.32 per cent from 25.67 per cent in September 2025.
At the state degree, Imo recorded the very best year-on-year headline inflation at 30.04 per cent, adopted by Enugu at 22.38 per cent and Niger at 22.05 per cent.
Taraba recorded the bottom annual headline inflation at 1.78 per cent, adopted by Bauchi at 2.84 per cent and Adamawa at 3.66 per cent.
Month-on-month, Imo additionally recorded the very best headline inflation at 8.64 per cent, adopted by Kaduna at 4.46 per cent and Sokoto at 3.01 per cent.
In distinction, Adamawa recorded the steepest month-to-month decline at -6.10 per cent, adopted by Bauchi at -5.31 per cent and Kano at -4.49 per cent.
