FAAC shares N2.3trn May revenue to FG, states, LGs

The Federation Account Allocation Committee (FAAC) has distributed N2.300 trillion to the Federal Government, States, and the Local Government Councils as the May 2026 Federation Account Revenue.

The Director of Press and Public Relations in the Office of the Auditor-General of the Federation (OAGF), Bawa Mokwa, disclosed this in a statement issued on Wednesday, June 17, 2026.

Mokwa noted the revenue was shared at the June 2026 FAAC meeting held in Abuja.

The FAAC stated that the N2.3 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.

The FAAC said total gross revenue of N3.395 trillion was available in May 2026.

The committee explained that a total deduction for cost of collection was N123.546 billion while total transfers and refunds N971.610 billion, adding that gross statutory revenue of N2.651 trillion was received in May 2026.

It stated that this was higher than the sum of N2.378 trillion received in April by N273.623 billion.

The FAAC disclosed that gross revenue of N743.668 billion was available from the VAT in May 2026, saying this was lower than the N806.617 billion available in April by N62.949 billion.

The committee noted that from the N2.3 trillion total distributable revenue, the federal government received N818.680 billion and the state governments received N759.141 billion.

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It added that the local government councils received N534.277 billion, while the sum of N188.132 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

On the N1.611 trillion distributable statutory revenue, the FAAC stated that the federal government received N749.801 billion and the state governments received N380.309 billion.

The FAAC disclosed that the local government councils received N293.202 billion, while the sum of N188.132 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

The committee also disclosed that from the N688.785 billion distributable VAT, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.

It further noted that in May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Oil and Gas Royalty increased significantly with Import Duty, while VAT, Excise Duty, and CET Levies decreased considerably.