May Revenue Windfall: FAAC Splits ₦1.5tn Between Federal And State Governments

The Federation Account Allocation Committee (FAAC) has shared ₦2.3 trillion among the federal, state, and local governments as revenue for May 2026.....KINDLY READ THE FULL STORY HERE▶

The distribution was confirmed in a statement released on Wednesday by the Director of Press and Public Relations at the Office of the Accountant-General of the Federation, Bawa Mokwa.

According to the statement, the allocation was approved during the June 2026 FAAC meeting held in Abuja.

The figure marks an increase from the ₦2.25 trillion shared in April among the three tiers of government.

Mokwa explained that the ₦2.3 trillion distributable revenue consisted of ₦1.611 trillion from statutory revenue and ₦688.785 billion from Value Added Tax (VAT).

The communiqué issued after the meeting showed that total gross revenue for May stood at ₦3.39 trillion.

It further noted that ₦123.54 billion was deducted as cost of collection, while ₦971.61 billion went into transfers and refunds.

FAAC reported that gross statutory revenue rose to ₦2.65 trillion in May, an increase of ₦273.62 billion compared to April’s ₦2.37 trillion.

In contrast, VAT revenue declined from ₦806.61 billion in April to ₦743.66 billion in May, reflecting a drop of ₦62.94 billion.

From the total distributable revenue, the Federal Government received ₦818.68 billion, state governments got ₦759.14 billion, and local government councils received ₦534.27 billion.

The committee also confirmed that ₦188.132 billion, representing 13 per cent derivation revenue from mineral resources, was allocated to benefiting states.

On the statutory revenue component of ₦1.611 trillion, the Federal Government received ₦749.801 billion, states got ₦380.309 billion, while local governments received ₦293.202 billion.

For the VAT portion of ₦688.785 billion, the Federal Government received ₦68.87 billion, states got ₦378.83 billion, and local governments received ₦241.07 billion.

FAAC also noted that revenues from Companies Income Tax, Capital Gains Tax, Stamp Duties, Petroleum Profit Tax, Hydrocarbon Tax, oil and gas royalties, and import duties recorded significant increases during the period.

However, collections from VAT, excise duties, and Common External Tariff levies declined compared to previous months.