The Federal Government, state governments, and the 774 local government councils have shared a total of N2.300 trillion from the Federation Account revenue generated in May 2026.
The allocation was approved at the June 2026 meeting of the Federation Account Allocation Committee (FAAC) held in Abuja, according to a statement issued on Wednesday by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Bawa Mokwa.
The distributable revenue comprised N1.611 trillion from statutory revenue and N688.785 billion from Value Added Tax (VAT).
A communiqué issued after the meeting revealed that a total gross revenue of N3.395 trillion accrued to the Federation Account in May 2026. From this amount, N123.546 billion was deducted as the cost of collection, while N971.610 billion was set aside for transfers, interventions, and refunds.
The committee disclosed that gross statutory revenue rose significantly to N2.651 trillion in May, representing an increase of N273.623 billion compared to the N2.378 trillion recorded in April 2026.
However, VAT collections declined during the period, with gross VAT revenue dropping to N743.668 billion from N806.617 billion in April, a decrease of N62.949 billion.
From the total distributable revenue of N2.300 trillion, the Federal Government received N818.680 billion, while the 36 state governments shared N759.141 billion. The 774 local government councils received N534.277 billion, while oil-producing states received N188.132 billion as 13 per cent derivation revenue.
A breakdown of the N1.611 trillion statutory revenue allocation showed that the Federal Government received N749.801 billion, states got N380.309 billion, and local governments received N293.202 billion. Oil-producing states also shared N188.132 billion as derivation revenue.
Similarly, from the N688.785 billion distributable VAT revenue, the Federal Government received N68.879 billion, states received N378.832 billion, while local government councils got N241.075 billion.
The communiqué further noted that revenues from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalties recorded significant increases during the month.
In contrast, revenues from Import Duty, Value Added Tax (VAT), Excise Duty, and Common External Tariff (CET) Levies declined considerably.
The latest allocation highlights continued growth in key revenue streams, particularly from the oil and corporate tax sectors, despite a slowdown in VAT and import-related earnings.
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