The Federation Account Allocation Committee (FAAC) says it shared a total of N2.3 trillion among the Federal Government, states, and local government councils in May 2026.
The disclosure was made in a statement issued on Wednesday by Bawa Mokwa, Director of Press and Public Relations at the Office of the Auditor-General of the Federation (OAGF), according to the News Agency of Nigeria (NAN).
The latest allocation, approved at the June 2026 FAAC meeting held in Abuja, represents a slight increase from the N2.25 trillion shared in April.
According to the committee, the N2.3 trillion distributable revenue comprised N1.611 trillion in statutory revenue and N688.785 billion from Value Added Tax (VAT). Total gross revenue available in May stood at N3.39 trillion.
FAAC also disclosed that N123.54 billion was deducted as cost of collection, while N971.61 billion was recorded as transfers and refunds.
The committee noted that gross statutory revenue rose to N2.65 trillion in May, an increase of N273.62 billion compared to the N2.37 trillion recorded in April.
However, VAT revenue declined during the period, dropping to N743.66 billion in May from N806.61 billion in April — a fall of N62.94 billion.
From the N2.3 trillion distributable revenue, the Federal Government received N818.68 billion, states got N759.14 billion, while local government councils received N534.27 billion. The derivation component accounted for N188.132 billion.
“The local government council received N534.277 billion, while the sum of N188.132 billion (13 percent of mineral revenue) was shared to the benefiting states as derivation revenue,” the committee said.
On the breakdown of statutory revenue, FAAC stated:
“On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.
“The local government councils received N293.202 billion and the sum of N188.132 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.”
From VAT proceeds of N688.78 billion, the Federal Government received N68.87 billion, states got N378.83 billion, while local government councils received N241.07 billion.
Mokwa further noted that revenues from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), oil and gas royalties, and import duties recorded notable increases during the period.
He, however, added that collections from VAT, excise duty, and CET levies declined.
