The Federation Account Allocation Committee (FAAC) says it distributed the sum of N2.3 trillion in May to the federal government, states, and local government councils, according to a statement on Wednesday by Bawa Mokwa, director of press and public relations at the office of the auditor general of the federation.
The May allocation was made at the June 2026 FAAC meeting held in Abuja and comprised N1.611 trillion in statutory revenue and N688.78 billion in value-added tax revenue, representing an increase from the amount shared in April. Total gross revenue available in May stood at N3.39 trillion, with N123.54 billion deducted as cost of collection and N971.61 billion recorded as transfers and refunds. Gross statutory revenue for May was N2.65 trillion, representing an increase from April.
From the N2.3 trillion distributable revenue, the federal government received N818.68 billion, states received N759.14 billion, while local government councils received N534.27 billion, with the sum of N188.132 billion representing 13 percent of mineral revenue shared to benefiting states as derivation revenue. Other components of the allocation were also distributed in line with requirements.
The communiqué noted that gross VAT revenue fell to N743.66 billion in May from N806.61 billion in April, a decline of N62.94 billion. However, revenue from companies’ income tax, capital gains tax, stamp duties, petroleum profit tax, hydrocarbon tax, oil and gas royalties, and import duty recorded significant increases during the period, while collections from VAT, excise duty, and CET levies declined.
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