FG, States, LGs Share N2.3trn May Revenue

The Federation Account Allocation Committee (FAAC) has shared a total of N2.300 trillion as Federation Account Revenue for May 2026 among the Federal Government, state governments and the 774 local government councils.

The allocation was approved at the June 2026 FAAC meeting held in Abuja, according to a statement issued by the Director of Press and Public Relations in the Office of the Accountant-General of the Federation, Mr Bawa Mokwa.

A communiqué issued after the meeting indicated that the distributable revenue comprised N1.611 trillion statutory revenue and N688.785 billion from Value Added Tax (VAT).

The committee disclosed that gross revenue available in May stood at N3.395 trillion. From the amount, N123.546 billion was deducted as cost of collection, while N971.610 billion was recorded as transfers, interventions and refunds.

According to the communiqué, gross statutory revenue for the month rose to N2.651 trillion, representing an increase of N273.623 billion over the N2.378 trillion recorded in April 2026.

However, gross VAT revenue declined to N743.668 billion in May from N806.617 billion in the preceding month, reflecting a decrease of N62.949 billion.

FAAC stated that from the total distributable revenue of N2.300 trillion, the Federal Government received N818.680 billion, state governments received N759.141 billion, while local government councils got N534.277 billion.

The committee added that N188.132 billion, representing 13 per cent derivation revenue from mineral resources, was allocated to benefiting states.

A breakdown of the N1.611 trillion statutory revenue showed that the Federal Government received N749.801 billion, the states received N380.309 billion, while local government councils got N293.202 billion. The derivation allocation to eligible states remained N188.132 billion.

Similarly, from the N688.785 billion VAT revenue, the Federal Government received N68.879 billion, state governments received N378.832 billion, while local government councils got N241.075 billion.

The communiqué further noted that revenue collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty recorded significant increases during the period.

In contrast, receipts from Import Duty, Value Added Tax (VAT), Excise Duty and Common External Tariff (CET) Levies declined considerably in May 2026.

Source: Daily Post

Tags:FAAC, Revenue Allocation, Nigeria Economy