Federation Account Allocation Committee (FAAC) has shared a total of ₦2.55 trillion among the Federal Government, the 36 states and the 774 local government councils for June 2026, following an increase in revenue generated during the month.
Gatekeepers News reports that the allocation was approved at FAAC’s July meeting held in Abuja on Wednesday. According to a statement issued by Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation, the distributable amount consisted of ₦1.8 trillion from statutory revenue and ₦740.72 billion from Value Added Tax (VAT).
The statement explained that the federation recorded a gross revenue of ₦4.5 trillion in June. From the total, ₦160.74 billion was deducted as the cost of collection, while ₦1.78 trillion was set aside for transfers, interventions and refunds before the balance was distributed.
Under the sharing formula, the Federal Government received ₦923.43 billion, states got ₦838.2 billion, while local government councils were allocated ₦591.39 billion. Oil-producing states also received ₦197.61 billion as 13 per cent derivation revenue.
FAAC noted that statutory revenue rose sharply from ₦2.65 trillion in May to ₦3.7 trillion in June, representing an increase of about ₦1.04 trillion. VAT collections also climbed from ₦743.68 billion in May to ₦799.74 billion in June, reflecting a 7.5 per cent increase.
Of the ₦1.8 trillion statutory revenue distributed, the Federal Government received ₦849.36 billion, states got ₦430.81 billion, local governments received ₦332.13 billion, while oil-producing states shared ₦197.61 billion as derivation revenue.
From the ₦740.72 billion VAT revenue, the Federal Government received ₦74.07 billion, states were allocated ₦407.39 billion and local governments got ₦259.25 billion.
The committee added that collections from Company Income Tax (CIT), Capital Gains Tax (CGT), stamp duties, petroleum royalties, gas flaring penalties, rents, miscellaneous oil revenue, VAT, import duties and Common External Tariff (CET) levies improved during the month. However, revenue from Petroleum Profits Tax (PPT), Hydrocarbon Tax (HT), mineral royalties and related fees declined, while excise duty recorded only a slight increase.
