FAAC Allocates N2.300 Trillion Revenue for May 2026
The Federation Account Allocation Committee (FAAC) shared a total of N2.300 trillion in revenue among federal, state, and local governments for May 2026, confirmed in a meeting in June 2026. This distribution included N1.611 trillion from statutory revenue and N688.785 billion from Value Added Tax (VAT).
The federal government received N818.680 billion, the state governments received N759.141 billion, and local government councils received N534.277 billion. Additionally, oil-producing states received N188.132 billion, representing a 13% derivation from gross statutory revenue.
The total gross statutory revenue for the month was N2.652 trillion, marking an increase of N273.623 billion from April 2026. Despite a decline in VAT collections, which stood at N743.668 billion compared to N806.617 billion in April 2026, overall revenue showed positive growth, attributed to improved collections from company income tax and petroleum-related taxes.
Ef Ovuakpori, head of the committee, provided this information during the meeting.
Plus234Feed summary based on reporting from Federal Ministry of Information. Read the original report below.
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