FAAC SHARES N2.3TN MAY 2026 REVENUE TO FEDERAL, STATE AND LOCAL GOVERNMENTS

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By Aishat Momoh. O.

The Federation Account Allocation Committee (FAAC) has distributed a total of N2.3 trillion among the Federal Government, state governments and the 774 local government councils as revenue allocation for May 2026.

The disclosure was made on Wednesday in Abuja by the Director of Press and Public Relations in the Office of the Auditor-General of the Federation, Mr Bawa Mokwa.

According to a statement issued after the June 2026 FAAC meeting, the total distributable revenue consisted of N1.611 trillion from statutory revenue and N688.785 billion from Value Added Tax (VAT).

The communiqué revealed that total gross revenue available for the month stood at N3.395 trillion, while deductions for cost of collection amounted to N123.546 billion and transfers and refunds accounted for N971.610 billion.

A breakdown of the allocation showed that the Federal Government received N818.680 billion, state governments received N759.141 billion, while local government councils received N534.277 billion.

Additionally, oil-producing states received N188.132 billion as 13 per cent derivation revenue.

From the N1.611 trillion distributable statutory revenue, the Federal Government received N749.801 billion, states received N380.309 billion and local government councils received N293.202 billion, while derivation allocations remained at N188.132 billion.

For the N688.785 billion distributable VAT revenue, the Federal Government received N68.879 billion, state governments got N378.832 billion and local government councils received N241.075 billion.

FAAC also reported that gross statutory revenue for May rose to N2.651 trillion from N2.378 trillion recorded in April, representing an increase of N273.623 billion.

However, VAT collections declined to N743.668 billion in May from N806.617 billion in April, reflecting a decrease of N62.949 billion.

The committee noted improvements in revenue performance from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Oil and Gas Royalty as well as Import Duty.

Meanwhile, revenues generated from VAT, Excise Duty and CET Levies recorded noticeable declines during the period.