By Tony Obiechina, Abuja
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.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion while total transfers and refunds N971.610 billion.
According to the communiqué, 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 preceeding month by N273.623 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 Has (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.
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