FAAC: FG, States, LGCs Share N2.3tn as May Revenue

The Federal Government, 36 state governments and the 774 local government councils shared a total of N2.300 trillion from the Federation Account Revenue generated in May 2026.

The revenue allocation was approved during 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) revenue.

A communiqué issued at the end of the meeting showed that the total gross revenue available in May stood at N3.395 trillion. From this amount, N123.546 billion was deducted as the cost of collection, while N971.610 billion was earmarked for transfers, interventions and refunds.

The committee disclosed that gross statutory revenue for May amounted to N2.651 trillion, representing an increase of N273.623 billion when compared with the N2.378 trillion generated in April 2026.

However, VAT collections declined during the period. Gross VAT revenue stood at N743.668 billion in May, lower than the N806.617 billion recorded in April, reflecting a decrease of N62.949 billion.

From the total distributable revenue of N2.300 trillion, the Federal Government received N818.680 billion, while state governments received N759.141 billion.

The 774 local government councils shared N534.277 billion, while oil-producing states received N188.132 billion as 13 per cent derivation revenue from mineral earnings.

A breakdown of the N1.611 trillion statutory revenue showed that the Federal Government received N749.801 billion, states received N380.309 billion, and local government councils received N293.202 billion.

The benefiting states also received the N188.132 billion derivation allocation from statutory revenue.

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

The latest FAAC distribution highlights continued growth in statutory revenue generation, largely driven by improved collections and increased economic activity, despite a decline in VAT receipts during the review period.