The Federation Account Allocation Committee (FAAC) has reported that total sum of N2.3 trillion being part of May 2026 Federation Account revenue was distributed to the federal, state and the local governments.
A statement issued on Thursday by the Director (Press and Public Relations) Department of the Office of the Accountant-General of the Federation (OAGF), Bawa Mokwa, indicated that the revenue was shared to the three tiers of government at the committee’s June 2026 meeting held in Abuja.
The Director stated that the N2.300 trillion total distributable revenue comprised statutory revenue of N1.611 trillion, Value Added Tax (VAT) revenue of N688.785 billion.
A communiqué issued by the FAAC on the revenue shared to the governments at the meeting showed that total gross revenue of N3.395 trillion was generated in the month, total deduction for cost of collection was N123.546 billion while total transfers and refunds stood at N971.610 billion.
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According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.
The communique indicated that gross revenue of N743.668 billion was generated as from the Value Added Tax (VAT) in the month under review, lower than the N806.617 billion collected in the preceding month by N62.949 billion.
The FAAC stated that from the N2.300 trillion total distributable revenue, the Federal Government received total sum of N818.680 billion and the State Governments received total sum of N759.141 billion. The Local government Council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.
From the N1.611 trillion distributable statutory revenue, the communiqué stated that the Federal Government received N749.801 billion; N380.309 billion and N293.202 billion were distributed to the state and local governments respectively while N188.132 billion (13% of mineral revenue) was shared to the benefiting states as derivation revenue.
Out of the N688.785 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N68.879 billion, the state governments got N378.832 billion and the local government councils shared N241.075 billion.
In the month under review, the FAAC reported that Companies income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Oil and Gas Royalty increased while Import Duty, Value Added Tax (VTA), Excise Duty and CET Levies dropped.
