The Federation Account Allocation Committee (FAAC) has shared a total sum of N2.3 trillion to the federal government, states, and local government councils for the month of May 2026.

Bawa Mokwa, Director of Press and Public Relations in the Office of the Auditor-General of the Federation (OAGF), revealed this in a statement issued on Wednesday in Abuja.

In the statement, Mr Mokwa said the revenue was shared at the June 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja.

He explained that the N2.3 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.

Mr Mokwa said a communiqué issued by FAAC indicated that total gross revenue of N3.395 trillion was available in the month of May 2026.

He further explained that total deductions for cost of collection amounted to N123.546 billion, while total transfers and refunds stood at N971.610 billion.

According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026.

“This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.

“Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026.

“This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.

The communiqué stated that from the N2.300 trillion total distributable revenue, the Federal Government received a total sum of N818.680 billion, while the State Governments received N759.141 billion.

“The Local Government Councils received N534.277 billion, while the sum of N188.132 billion (13 per cent of mineral revenue) was shared to the benefiting states as derivation revenue.

“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,” he said.

He also disclosed that from the N688.785 billion distributable VAT, the federal government received N68.879 billion.

According to him, the state governments received N378.832 billion and the local government councils received N241.075 billion.

Mr Mokwa further noted that in May 2026, Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duty (SDT), Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and oil and gas royalties increased significantly, along with import duty.

According to him, VAT, excise duty, and CET levies decreased considerably. 

(NAN)