- FG, States, LGs Share N2.3tn May 2026 FAAC Revenue
- States Receive N759.14bn as FAAC Shares N2.3tn May Earnings
- Companies Tax, Oil Royalties Boost May Revenue to N3.39tn
The Federation Account Allocation Committee (FAAC) has shared a total of N2.300 trillion among the Federal Government, state governments and the 774 local government councils as revenue generated in May 2026.
Eko Hot Blog reports that this was disclosed in 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, following the June 2026 FAAC meeting held in Abuja.
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According to the statement, the distributable revenue comprised N1.611 trillion from statutory revenue and N688.785 billion from Value Added Tax (VAT).
FAAC said a gross revenue of N3.395 trillion was available for the month under review. 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 noted that gross statutory revenue for May stood at N2.651 trillion, representing an increase of N273.623 billion when compared to the N2.378 trillion generated in April 2026.
However, gross VAT revenue declined to N743.668 billion in May from N806.617 billion recorded in April, indicating a decrease of N62.949 billion.
From the total distributable revenue of N2.300 trillion, the Federal Government received N818.680 billion, state governments got N759.141 billion, while local government councils received N534.277 billion.
An additional N188.132 billion, representing 13 per cent derivation revenue from mineral resources, was allocated to benefiting states.
Breaking down the statutory revenue component, the Federal Government received N749.801 billion, states shared N380.309 billion, while local government councils received N293.202 billion. The derivation states also got N188.132 billion from the same pool.
For VAT revenue, the Federal Government received N68.879 billion, state governments got N378.832 billion, while local governments received N241.075 billion.
FAAC further disclosed that collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and oil and gas royalties recorded significant increases during the period.
Conversely, revenues generated from Import Duty, VAT, Excise Duty and Common External Tariff (CET) levies witnessed notable declines in May 2026.
