Abuja: The Federation Account Allocation Committee (FAAC) has distributed ₦2.3 trillion to the Federal Government, state governments and local government councils as revenue allocation for May 2026.
The allocation was approved at the June 2026 FAAC meeting held in Abuja, according to a statement issued on Wednesday by Mr Bawa Mokwa, Director of Press and Public Relations in the Office of the Auditor-General of the Federation (OAGF).
Mokwa said the distributable revenue comprised ₦1.611 trillion in statutory revenue and ₦688.785 billion in Value Added Tax (VAT) revenue.
He disclosed that total gross revenue available in May stood at ₦3.395 trillion.
According to him, ₦123.546 billion was deducted as the cost of collection, while ₦971.610 billion was set aside for transfers, interventions and refunds.
FAAC reported that gross statutory revenue rose to ₦2.651 trillion in May, representing an increase of ₦273.623 billion from the ₦2.378 trillion recorded in April.
However, gross VAT revenue declined to ₦743.668 billion in May from ₦806.617 billion in April, reflecting a decrease of ₦62.949 billion.
A breakdown of the ₦2.3 trillion distributable revenue showed that the Federal Government received ₦818.68 billion, state governments received ₦759.14 billion, while local government councils got ₦534.28 billion.
In addition, ₦188.13 billion, representing 13 per cent derivation revenue from mineral resources, was distributed to eligible oil-producing states.
The communiqué further showed that from the ₦1.611 trillion statutory revenue, the Federal Government received ₦749.801 billion, states received ₦380.309 billion, while local government councils got ₦293.202 billion.
The oil-producing states also received ₦188.13 billion as derivation revenue from the statutory allocation.
From the ₦688.785 billion VAT pool, the Federal Government received ₦68.879 billion, state governments got ₦378.832 billion, while local government councils received ₦241.075 billion.
FAAC noted that collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Oil and Gas Royalties, as well as Import Duty, recorded significant increases during the month.
In contrast, revenue from VAT, Excise Duty and Common External Tariff (CET) Levies declined compared with the previous month.
