The Federation Account Allocation Committee (FAAC) has disbursed a total of N2.3 trillion to the Federal Government, state governments, and local government councils as revenue allocation for May 2026.
This was disclosed in a statement issued in Abuja by Bawa Mokwa, Director of Press and Public Relations at the Office of the Auditor-General of the Federation, following the FAAC meeting held in June.
According to the statement, the distributable amount comprised N1.611 trillion from statutory revenue and N688.785 billion generated from Value Added Tax (VAT).
FAAC further revealed that the total gross revenue available for the month stood at N3.395 trillion. From this amount, N123.546 billion was deducted as the cost of collection, while N971.610 billion was allocated to transfers, interventions, and refunds.
The communiqué indicated that statutory revenue for May rose to N2.651 trillion, reflecting an increase of N273.623 billion compared to the N2.378 trillion recorded in April.
In contrast, VAT collections declined to N743.668 billion, representing a drop of N62.949 billion from the N806.617 billion generated in the previous month.
From the N2.3 trillion shared, the Federal Government received N818.680 billion, while state governments got N759.141 billion. Local government councils were allocated N534.277 billion.
Additionally, oil-producing states received N188.132 billion as derivation revenue, representing 13 per cent of mineral earnings.
A further breakdown showed that from the N1.611 trillion statutory revenue, the Federal Government received N749.801 billion, states got N380.309 billion, and local governments received N293.202 billion, while the derivation allocation remained N188.132 billion.
From the N688.785 billion VAT pool, the Federal Government received N68.879 billion, states got N378.832 billion, and local governments received N241.075 billion.
The statement also noted that revenues from Companies Income Tax, Petroleum Profit Tax, Hydrocarbon Tax, oil royalties, and import duties recorded increases, while VAT, excise duties, and CET levies declined during the period.
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