Federation Account Allocation Committee (FAAC) has distributed a total of N2.3 trillion to the Federal Government, state governments and local government councils as revenue allocation for May 2026.
Gatekeepers News reports that the disclosure was made by Bawa Mokwa, Director of Press and Public Relations in the Office of the Auditor-General of the Federation (OAGF), in a statement issued on Wednesday in Abuja.
According to Mokwa, the allocation was approved during the June 2026 FAAC meeting held in the Federal Capital Territory.
He explained that the N2.3 trillion distributable revenue comprised N1.611 trillion in statutory revenue and N688.785 billion from Value Added Tax (VAT).
Mokwa said a communiqué issued after the meeting showed that a total gross revenue of N3.395 trillion was available in May 2026.
He noted that N123.546 billion was deducted as cost of collection, while transfers, interventions and refunds accounted for N971.610 billion.
The communiqué further revealed that gross statutory revenue for May stood at N2.651 trillion, representing an increase of N273.623 billion from the N2.378 trillion recorded in April 2026.
“This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion,” the communiqué stated.
However, VAT collections declined during the period. Gross VAT revenue for May was N743.668 billion, compared to N806.617 billion in April, reflecting a decrease of N62.949 billion.
“This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion,” the communiqué added.
From the total distributable revenue of N2.300 trillion, the Federal Government received N818.680 billion, while state governments got N759.141 billion.
Local government councils received N534.277 billion, while oil-producing states shared N188.132 billion as 13 per cent derivation revenue.
Providing a breakdown of the N1.611 trillion statutory revenue allocation, Mokwa said the Federal Government received N749.801 billion, states received N380.309 billion, and local governments got N293.202 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 added that from the N688.785 billion distributable VAT revenue, the Federal Government received N68.879 billion, while states and local governments received N378.832 billion and N241.075 billion, respectively.
Mokwa also disclosed that revenue from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), oil and gas royalties, as well as import duties, recorded significant increases in May.
In contrast, collections from Value Added Tax, excise duties and Common External Tariff (CET) levies declined during the period.
