FAAC Shares N2.3trn May Revenue To Federal, State, LGs

BY CHIKA OKEKE, Abuja

The Federation Account Allocation Committee, FAAC, has shared a total of N2.300 trillion among the Federal Government, State Governments and Local Government Councils as revenue accrued for May 2026.

This was confirmed at the June 2026 meeting of FAAC following the consideration of revenue receipts for the month of May.

The total distributable revenue of N2.300 trillion comprised N1.611 trillion from Statutory Revenue and N688.785 billion from Value Added Tax, VAT.

From the distributable revenue, the Federal Government received N818.680 billion, while State Governments received N759.141 billion.

This was even as the Local Government Councils received N534.277 billion, while the oil-producing states received N188.132 billion as 13 per cent derivation revenue.

The gross statutory revenue available for the month stood at N2.652 trillion, representing an increase of N273.623 billion over the N2.378 trillion recorded in April 2026.

In addition, FAAC reported significant increases in collections from Companies Income Tax, CIT, Capital Gains Tax, CGT, Stamp Duties, Petroleum Profit Tax, PPT, Hydrocarbon Tax, HT and Oil Royalties during the month under review.

But collections from Import Duty, VAT, Excise Duty and Common External Tariff, CET, Levies declined compared to the preceding month.

Also, the gross VAT revenue for May 2026 stood at N743.668 billion, lower than the N806.617 billion collected in April 2026.

The Committee noted that despite the decline in VAT collections, the overall revenue position for the month was strengthened by improved receipts from petroleum-related taxes and Companies Income Tax, CIT.

The revenue distribution was carried out in accordance with existing laws and the approved revenue allocation formula.

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