June Revenue Rises 23.4% as FAAC Shares N2.55trn to FG, States, LGs

The Federation Account Allocation Committee (FAAC) had said that gross revenue for June 2026 increased by 23.4 per cent, rising by N1.049 trillion to N4.501 trillion from N3.452 trillion recorded in May.

FAAC further stated that the improvement led to a distribution of N2.551 trillion among the federal government, the 36 states and the 774 local government councils as the June Federation Account allocation meeting held on Wednesday.

According to FAAC, the meeting was held in Abuja in July and was chaired by the minister of finance and coordinating minister of the economy, Taiwo Oyedele, while the accountant-general of the federation, state commissioners of finance and other committee members were also present.

FAAC explained that out of the N2.551 trillion shared, N1.810 trillion was statutory revenue and N740.724 billion came from Value Added Tax (VAT). It added that total gross revenue consisted of N3.701 trillion in statutory receipts and N799.746 billion in VAT collections.

FAAC attributed the rise in revenue to higher collections from Companies Income Tax, VAT, import duties, customs excise levies, petroleum royalties, gas-flare penalties and other oil-related incomes, but noted that receipts from Petroleum Profit Tax, hydrocarbon tax and mineral royalties had fallen.

The committee reported that VAT collections increased by N56.078 billion, moving from N743.668 billion in May to N799.746 billion in June.

On the distribution of statutory revenue, FAAC said the federal government received N849.366 billion, state governments N430.810 billion, local government councils N332.136 billion, and oil-producing states under the 13 per cent derivation rule N197.610 billion.

Regarding VAT allocation, FAAC stated that the federal government was given N74.072 billion, states N407.398 billion and local governments N259.253 billion.

FAAC concluded that the overall allocation amounted to N923.438 billion for the federal government, N838.208 billion for the 36 states, N591.390 billion for the 774 local government councils, and an additional N197.610 billion for oil-producing states under the 13% derivation clause.