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

The revenue allocation was approved during the June 2026 meeting of the Federation Account Allocation Committee (FAAC) held in Abuja.

According to a communiqué issued after the meeting, the N2.300 trillion distributable revenue comprised N1.611 trillion from statutory revenue and N688.785 billion from Value Added Tax (VAT).

The communiqué revealed that a total gross revenue of N3.395 trillion accrued to the Federation Account in May 2026. Out of the amount, N123.546 billion was deducted as cost of collection, while N971.610 billion was allocated for transfers and refunds.

FAAC disclosed that gross statutory revenue for the month stood at N2.651 trillion, representing an increase of N273.623 billion when compared to the N2.378 trillion recorded in April 2026.

However, gross VAT revenue declined during the period. The committee reported that N743.668 billion was generated from VAT in May, compared to N806.617 billion recorded in April, reflecting a decrease of N62.949 billion.

A breakdown of the N2.300 trillion distributable revenue showed that the Federal Government received N818.680 billion, while state governments got N759.141 billion.

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

Further details of the allocation indicated that from the N1.611 trillion distributable statutory revenue, the Federal Government received N749.801 billion, states received N380.309 billion, while local government councils got N293.202 billion.

The communiqué added that the sum of N188.132 billion, representing 13 per cent derivation revenue, was also distributed to eligible oil-producing states from the statutory revenue component.

From the N688.785 billion VAT revenue, the Federal Government received N68.879 billion, state governments received N378.832 billion, while local government councils were allocated N241.075 billion.

FAAC also noted improvements in revenue generation from several sources during the month under review. These included Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties Tax (SDT), Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), as well as Oil and Gas Royalties.

However, revenue inflows from Import Duty, Value Added Tax, Excise Duty and Common External Tariff (CET) Levies recorded notable declines compared to the previous month.

The committee said the revenue distribution reflected the continued operation of the revenue-sharing framework among the three tiers of government and beneficiary states.