FAAC: Federal Government, States and Local Government Areas Share N2.3 trillion in May Revenue

A total of N2.300 trillion was allocated as the Federation Account Revenue for May 2026, to be shared among the federal government, state governments, and local government councils.

Spokesperson Bawa Mokwa of the Office of the Accountant General of the Federation announced the distribution at the June 2026 Federation Account Allocation Committee (FAAC) meeting in Abuja.

The distributable revenue of N2.300 trillion consisted of N1.611 trillion in distributable statutory revenue and N688.785 billion in distributable Value Added Tax (VAT) revenue.

A communiqué from FAAC noted that the total gross revenue for May 2026 was N3.395 trillion. Deductions for cost of collection amounted to N123.546 billion, while transfers and refunds totaled N971.610 billion.

Gross statutory revenue reached N2.651 trillion in May, an increase of N273.623 billion over the N2.378 trillion recorded in April.

VAT revenue for May amounted to N743.668 billion, down by N62.949 billion from the N806.617 billion collected in April.

From the N2.300 trillion distributable revenue, the federal government received N818.680 billion, state governments received N759.141 billion, and local government councils received N534.277 billion. An additional N188.132 billion—representing 13 % of mineral revenue—was shared with the benefiting states as derivation revenue.

Regarding the N1.611 trillion distributable statutory revenue, the federal government received N749.801 billion and state governments received N380.309 billion. Local government councils received N293.202 billion, with the same N188.132 billion derivation revenue shared with benefiting states.

From the N688.785 billion distributable VAT revenue, the federal government received N68.879 billion, state governments received N378.832 billion, and local government councils received N241.075 billion.

In May 2026, Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duty Tax (SDT), Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty all saw significant increases, while Import Duty, VAT, Excise Duty, and CET Levies all experienced notable decreases.