By Onu Okorie
Federation Account Allocation Committee FAAC has reported a sharp improvement in revenue performance for June 2026, with gross revenue rising by ₦1.049 trillion to ₦4.501 trillion from May’s level.
Following the increase, the committee shared ₦2.551 trillion among the Federal Government, the 36 states and the 774 local government councils as Federation Account revenue for the month.
The allocation was agreed at FAAC’s July 2026 meeting in Abuja, chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, and attended by the Accountant-General of the Federation, state commissioners of finance and other committee members.
A statement issued after the meeting said the ₦2.551 trillion distributed comprised ₦1.810 trillion in statutory revenue and ₦740.724 billion from Value Added Tax (VAT). Gross revenue for the month stood at ₦4.501 trillion, made up of ₦3.701 trillion in statutory revenue and ₦799.746 billion in gross VAT collections.
FAAC attributed the strong performance to higher receipts from Companies Income Tax, VAT, Import Duty, Customs Excise Tariff Levies, Petroleum Royalties, Gas Flared Penalties, Rental Income and Miscellaneous Oil Revenue. It noted, however, that collections from Petroleum Profit Tax, Hydrocarbon Tax, Mineral Royalties and Fees declined during the month.
VAT collections rose from ₦743.668 billion in May to ₦799.746 billion in June — an increase of ₦56.078 billion.
Breakdown of statutory revenue
Federal Government: ₦849.366 billion
State governments: ₦430.810 billion
Local government councils: ₦332.136 billion
Oil-producing states (13% derivation): ₦197.610 billion
Breakdown of VAT allocation
Federal Government: ₦74.072 billion
State governments: ₦407.398 billion
Local government councils: ₦259.253 billion
Overall allocation
Federal Government: ₦923.438 billion
36 states: ₦838.208 billion
774 local government councils: ₦591.390 billion
Oil-producing states (13% derivation): ₦197.610 billion