The Federation Account Allocation Committee (FAAC) has distributed a total of ₦2.3 trillion in revenue generated in May 2026 among the federal, state and local governments.
The allocation was disclosed in a statement issued by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa, following the June 2026 FAAC meeting held in Abuja.
The amount shared represents an increase from the ₦2.25 trillion distributed in April 2026. According to the statement, the distributable revenue comprised ₦1.611 trillion from statutory revenue and ₦688.785 billion from Value Added Tax (VAT).
FAAC revealed that the total gross revenue available for May stood at ₦3.39 trillion. From this amount, ₦123.54 billion was deducted as collection costs, while ₦971.61 billion was allocated to transfers, interventions and refunds.
The committee noted that gross statutory revenue rose significantly to ₦2.65 trillion in May, up by ₦273.62 billion from the ₦2.37 trillion recorded in April. In contrast, gross VAT revenue declined to ₦743.66 billion from ₦806.61 billion in the previous month, reflecting a decrease of ₦62.94 billion.
From the ₦2.3 trillion shared among the three tiers of government, the Federal Government received ₦818.68 billion, while state governments got ₦759.14 billion. Local government councils received ₦534.27 billion.
In addition, oil-producing states received ₦188.13 billion as derivation revenue, representing 13 per cent of mineral earnings.
A breakdown of the ₦1.611 trillion statutory revenue allocation shows that the Federal Government received ₦749.8 billion, states received ₦380.31 billion, and local governments got ₦293.2 billion. The ₦188.13 billion derivation fund was also distributed to eligible states.
For the ₦688.79 billion VAT revenue shared during the month, the Federal Government received ₦68.87 billion, state governments received ₦378.83 billion, while local government councils got ₦241.07 billion.
Mokwa further disclosed that collections from Companies Income Tax (CIT), Capital Gains Tax, Stamp Duties, Petroleum Profit Tax (PPT), Hydrocarbon Tax, oil and gas royalties, and import duties recorded notable increases in May. However, revenue generated from VAT, excise duties and Common External Tariff (CET) levies declined during the period.
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