By Ikugbadi Oluwasegun
The Federation Account Allocation Committee (FAAC) has shared ₦2.3 trillion naira to the three tiers of government as revenue allocation for May 2026.
The figure confirmed at the June 2026 FAAC meeting, comprises ₦1.611 trillion naira from Statutory Revenue and ₦688.785 billion naira from VAT.
Of the total distributable revenue, Federal Government received ₦818.680 billion naira, States got ₦759.141 billion naira, and Local Government Councils received ₦534.277 billion naira while the Oil-producing states received additional ₦188.132 billion naira as 13 percent derivation.
Gross statutory revenue for May stood at ₦2.652 trillion naira, an increase of ₦273.623 billion naira over April’s figure. The Committee attributed the rise to stronger collections from Companies Income Tax, Capital Gains Tax, Stamp Duties, Petroleum Profit Tax, Hydrocarbon Tax and Oil Royalties.
Howevet, Gross VAT revenue dropped to ₦743.668 billion naira from ₦806.617 billion naira in April. Despite this, FAAC noted that improved receipts from petroleum-related taxes and Company Income Tax helped strengthen the overall revenue position for May.
