FAAC: Gross revenue in May 2026 amounts N3.395trn … as FG, States, LGAs share  N2.300trn 

By Onu Okorie

The Federation Account Allocation Committee FAAC communiqué has indicated that total gross revenue of N3.395 trillion was generated in the month of May 2026. 

The communiqué, signed by the Director, Press and Public Relations in the Office of the Accountant General of the Federation, OAGF Bawa Mokwa, explained that the deduction for cost of collection was N123.546  billion while total transfers and refunds N971.610 billion.

Also the gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.  

A breakdown of the revenue showed that a total sum of N2.300 trillion, being May 2026 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils. 

The revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja. The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion , distributable Value Added Tax VAT revenue of N688.785 billion.

Gross revenue of N743.668 billion  was available from the Value Added Tax VAT in May 2026. This was lower than the N806.617 billion  available in the month of April 2026 by N62.949 billion.   

The communiqué stated that from the N2.300 trillion total distributable revenue, the Federal Government received total sum of N818.680 billion and the State Governments received total sum of N759.141 billion. 

The Local government Council received N534.277 billion, while the sum of N188.132 billion, 13% of mineral revenue, was shared to the benefiting State as derivation revenue. 

On the N1.611 trillion distributable statutory revenue, the communiqué stated that the Federal Government received N749.801 billion and the State Governments received N380.309 billion. 

The Local Government Councils received N293.202 billion and the sum of N188.132 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue. 

From the N688.785 billion  distributable Value Added Tax VAT revenue, the Federal Government received N68.879 billion, the State Governments received N378.832  billion and the Local Government Councils received N241.075 billion. 

In May 2026, Companies income Tax CIT, CGT, SDT, Petroleum Profit Tax PPT, Hydrocarbon Tax HT, Oil and Gas Royalty increased significantly while Import Duty, Value Added Tax VTA, Excise Duty and CET Levies decreased considerably.